Paytm's Vijay&nbsp;Shekhar&nbsp;Sharma&nbsp;feels the actual heat as his e-commerce business,&nbsp;Paytm Mall&rsquo;s valuation drops from $3 Bn to $13 Mn&nbsp;with its lead investors Chinese internet giant, Alibaba and investment firm, Ant Financial taking an exit from the firm.&nbsp;
According to report,&nbsp;Paytm E-commerce bought back the entire stake of Alibaba (28.34%) and Antfin (Netherlands) Holding (14.98%), a total of 43.32%, for&nbsp;₹42 crore.&nbsp;
About Paytm&nbsp;Mall
Vijay Shekhar Sharma had launched Paytm Mall in 2016 to leverage the accelerating online shopping behaviour trend and was able to secure $500 million in a fund-raising round led by SoftBank and other investors giving the company a unicorn tag. In total, Paytm Mall raised $800 million from various investors such as Alibaba, Ant Financial, SoftBank, Elevation Capital (SAIF Partners), and eBay.

Paytm Mall: 99.5% valuation decline as key investors Alibaba, Ant Group exit 

Paytm's Vijay Shekhar Sharma feels the actual heat as his e-commerce business, Paytm Mall’s valuation drops from $3 Bn to $13 Mn. 

Here's the reason  

Paytm Mall's valuation drops from $3 Bn to $13 Mn

Jack Ma was one of the oldest investors in the Vijay Shekhar Sharma-led ecommerce firm, putting in $200 million at a $1 billion valuation in its first fundraise in 2017

Paytm's Vijay&nbsp;Shekhar&nbsp;Sharma&nbsp;feels the actual heat as his e-commerce business,&nbsp;Paytm Mall&rsquo;s valuation drops from $3 Bn to $13 Mn&nbsp;with its lead investors Chinese internet giant, Alibaba and investment firm, Ant Financial taking an exit from the firm.&nbsp;
According to report,&nbsp;Paytm E-commerce bought back the entire stake of Alibaba (28.34%) and Antfin (Netherlands) Holding (14.98%), a total of 43.32%, for&nbsp;₹42 crore.&nbsp;
About Paytm&nbsp;Mall
Vijay Shekhar Sharma had launched Paytm Mall in 2016 to leverage the accelerating online shopping behaviour trend and was able to secure $500 million in a fund-raising round led by SoftBank and other investors giving the company a unicorn tag. In total, Paytm Mall raised $800 million from various investors such as Alibaba, Ant Financial, SoftBank, Elevation Capital (SAIF Partners), and eBay.

Tesla CEO Elon Musk on Tuesday said his deal to buy Twitter can't move forward unless the company shows public proof that less than 5 percent of the accounts on the platform are fake or spam.
Musk made the comment in a reply to another user on Twitter early Tuesday.
In his tweet, Musk said, “20 percent fake/spam accounts, while 4 times what Twitter claims, could be much higher. My offer was based on Twitter's SEC filings being accurate. Yesterday, Twitter's CEO publicly refused to show proof of 5 percent. This deal cannot move forward until he does.”
At a Miami technology conference Monday, Musk estimated that at least 20 percent of Twitter's 229 million accounts are spam bots, a percentage he said was at the low end of his assessment, according to a Bloomberg News report.
Also at the All In Summit, Musk gave the strongest hint yet that he would like to pay less for Twitter than his $44 billion offer made last month. Musk had earlier said a viable deal at a lower price would not be out of the question, according to the report by Bloomberg.
He spent much of the previous day in a back-and-forth with Twitter CEO Parag Agrawal, who posted a series of tweets explaining his company's effort to fight bots and how it has consistently estimated that less than 5 percent of Twitter accounts are fake.

Spam Alert: Elon Musk could drop Twitter buyout plans

Tesla CEO said his deal to buy Twitter can't move forward unless the company shows public proof that less than 5 percent of the accounts on the platform are fake or spam.

Elon Musk could cancel Twitter deal

Also at the All In Summit, Musk gave the strongest hint yet that he would like to pay less for Twitter than his $44 billion offer made last month.

Tesla CEO Elon Musk on Tuesday said his deal to buy Twitter can't move forward unless the company shows public proof that less than 5 percent of the accounts on the platform are fake or spam.
Musk made the comment in a reply to another user on Twitter early Tuesday.
Also read/watch |<a href="https://www.editorji.com/business-news/bots-or-bills-what-is-really-giving-musk-second-thoughts-about-twitter-1652856259014" target="_blank">&nbsp;Bots or Bills, what is really giving Musk second thoughts about Twitter</a>
In his tweet, Musk said, &ldquo;20 percent fake/spam accounts, while 4 times what Twitter claims, could be much higher. My offer was based on Twitter's SEC filings being accurate. Yesterday, Twitter's CEO publicly refused to show proof of 5 percent. This deal cannot move forward until he does.&rdquo;
At a Miami technology conference Monday, Musk estimated that at least 20 percent of Twitter's 229 million accounts are spam bots, a percentage he said was at the low end of his assessment, according to a Bloomberg News report.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/lic-ipo-muted-debut-here-is-what-macquarie-makes-of-the-stock-1652770062417">LIC IPO Muted Debut: Here is what Macquarie makes of the stock</a>
Also at the All In Summit, Musk gave the strongest hint yet that he would like to pay less for Twitter than his $44 billion offer made last month.&nbsp;Musk had earlier said a viable deal at a lower price would not be out of the question, according to the report by Bloomberg.
He spent much of the previous day in a back-and-forth with Twitter CEO Parag Agrawal, who posted a series of tweets explaining his company's effort to fight bots and how it has consistently estimated that less than 5 percent of Twitter accounts are fake.

Brokerage firm Macquarie has initiated a report on the insurance giant LIC as it debut on Dalal Strete. The research house had been in focus for it's extreme bearish stance on Paytm right ahead of it's listing has been kinder to the govt backed insurer. Here is what Macquarie has to say-:MACQUARIE ON LIC 

Initiate with Neutral rating and target price of Rs 1,000
Inherent volatility in Embedded Value (EV) is a big challenge 
Substantial portion of EV constitutes marked-to-market (MTM) unrealised equity gains 
Scaling up non-par business will be a challenge 
Start selling high margin non-par savings policies and pure protection products could be difficult 
Traditionally LIC has sold ust one product, ie, participating (PAR) policies
Focus on profitability will be a big change 
Remain sceptical of scale up of bancassurance business 
Other channels like direct/online LIC’s presence has been insignificant. 


LIC IPO Listing Latest News Share Price: Brokerage target from Macquarie

LIC IPO Listing: Here is what Macquarie makes of the stock

Macquarie initiates report on LIC&nbsp;as the insurance giant debuts on Dalal Street&nbsp;

Brokerage firm Macquarie has initiated a report on the insurance giant LIC as it debut on Dalal&nbsp;Street. The research house had been in focus for it's extreme bearish stance on Paytm&nbsp;right ahead of it's listing has been kinder to the govt backed insurer while raising some concerns. Here is what Macquarie has to say-: MACQUARIE ON LIC&nbsp;
<ul>
<li>Initiate with Neutral rating and target price of Rs 1,000</li>
<li>Inherent volatility in Embedded Value (EV) is a big challenge&nbsp;</li>
<li>Substantial portion of EV constitutes marked-to-market (MTM) unrealised equity gains&nbsp;</li>
<li>Scaling up non-par business will be a challenge&nbsp;</li>
<li>Start selling high margin non-par savings policies and pure protection products could be difficult&nbsp;</li>
<li>Traditionally LIC&nbsp;has sold&nbsp;ust one product, ie, participating (PAR) policies</li>
<li>Focus on profitability will be a big change&nbsp;</li>
<li>Remain sceptical of scale up of bancassurance business&nbsp;</li>
<li>Other channels like direct/online LIC&rsquo;s presence has been insignificant.&nbsp;</li>
</ul>

LIC IPO Listing : It was a tepid start to a mega IPO. India's largest Initial public offering (IPO) listed at Rs 872/share vs the issue price of Rs 949/share but the stock gained traction as it found support at lower levels. 

LIC IPO Listing: Debut at discount but gains traction 

LIC IPO Listing: Starts trade at Rs 872/share, IPO below issue price The LIC IPO -- India's largest to date -- closed with nearly 3 times subscription, fetched Rs 20,557 crore to the government.
The government had fixed the issue price of LIC shares at Rs 949 apiece for allotment to investors. LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered.
The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO. The price band of the issue was Rs 902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.

LIC IPO Listing: Starts trade at Rs 872/share, IPO below issue price  

LIC IPO Listing:&nbsp;LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered.

It was a tepid start to a mega IPO. India's largest Initial public offering (IPO)&nbsp;listed at Rs 872/share vs the issue price of Rs 949/share but the stock gained traction as it found support at lower levels.&nbsp; Though the price was fixed at the upper band, policyholders due to the discount got the shares at&nbsp;Rs 889/share. So for long time investors the early volatility in the stock has been largely dismissed.&nbsp; The <a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">LIC IPO</a> -- India's largest to date -- closed with nearly 3 times subscription, fetched Rs 20,557 crore to the government.
Also Watch:<a href="https://www.editorji.com/business-news/cryptocurrency/sebi-cracksdown-on-crypto-find-out-what-the-market-regulator-is-saying-1652754123199" target="_blank">&nbsp;SEBI cracksdown on crypto, find out what the market regulator is saying</a>
<a href="https://www.editorji.com/business-news/markets/sc-on-lic-ipo-denies-stay-on-govt-stake-sale-3-judge-bench-issues-notice-to-govt-while-attaching-case-to-ongoing-proceedings-relating-to-money-bill-1652337728173" target="_blank">Life Insurance Corporation (LIC)</a> is the largest insurance provider company in India, with a market share of more than 66 per cent in new business premiums. The company offers participating insurance products and non-participating products.

Zimbabwe issued a one hundred trillion dollars—100,000,000,000,000— currency bill in 2009 which is the largest denomination of currency ever issued.
The History
When Zimbabwe attained independence in 1980, Z$2, Z$5, Z$10 and Z$20 denominations circulated, replaced three decades later by bills in the thousands and ultimately in the millions and trillions as the government sought to prop up a weakening economy amid spiraling inflation.
Shortly after the Z$100 trillion note began circulating, the Zimbabwean dollar was officially abandoned in favor of foreign currencies. From 2007 to 2008, the local legal tender lost more than 99.9 percent of its value. This marked a reversal of fortune from independence, when the value of one Zimbabwe dollar equaled US$1.54. Zimbabwe’s extreme and uncontrollable inflation made it the first—and so far only—country in the 21st century to experience a hyperinflationary episode.
Zimbabwe, once considered the breadbasket of Africa, was reduced to the continent’s beggar within a few years; its citizens were pushed into poverty and often forced to emigrate.
What is hyperinflation?
Hyperinflation is defined as beginning when monthly inflation rates initially exceed 50 percent. It ends in the month before the rate declines below 50 percent, where it must remain for at least a year. Zimbabwe entered the hyperinflationary era in March 2007; the period ended when the nation abandoned its currency in 2009.
Shocking inflation
In 2008, Zimbabwe had the second-highest incidence of hyperinflation on record. The estimated inflation rate for Nov 2008 was 79,600,000,000 percent. That is effectively a daily inflation rate of 98 percent. Roughly every day, prices would double. It was also a time of real hardship and poverty, with an unemployment rate of close to 80 percent and a virtual breakdown in normal economic activity. 
What's going on now?
Zimbabwe's inflation has started to rise again, with year-on-year inflation at 96% in April, up from 61% at the beginning of the year, mainly due to a rapidly weakening local currency. In a latest move, Zimbabwe froze bank lending in a temporary measure that is meant to contain inflation and stabilise its economy.
Causes of hyperinflation in Zimbabwe

Government printing money in response to:High national debt
Decline in economic output
Decline in export earnings
Price controls that exacerbate shortages
Lack of confidence in government, economy and political life


Zimbabwe: From Africa's breadbasket to continent’s beggar

Shocking Inflation: This country went from breadbasket to beggar

Shocking Inflation: This country went from breadbasket to beggar.

Zimbabwe, once considered the breadbasket of Africa, was reduced to the continent&rsquo;s beggar within a few years; its citizens were pushed into poverty and often forced to emigrate.

Zimbabwe's inflation has started to rise again, with year-on-year inflation at 96 percent in April, up from 61 percent at the beginning of the year, mainly due to a rapidly weakening local currency. In a latest move,&nbsp;Zimbabwe froze&nbsp;bank lending in a temporary measure that is meant to contain inflation and stabilise its economy.
Zimbabwe issued a one hundred trillion dollars&mdash;100,000,000,000,000&mdash; currency bill in 2009 which is the largest denomination of currency ever issued.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/bots-or-bills-what-is-really-giving-musk-second-thoughts-about-twitter-1652856259014" target="_blank">Bots or Bills, what is really giving Musk second thoughts about Twitter</a>
Shocking inflation
In 2008, Zimbabwe had the second-highest incidence of hyperinflation on record. The estimated inflation rate for Nov 2008 was&nbsp;79,600,000,000 percent.&nbsp;That is effectively a daily inflation rate of 98 percent. Roughly every day, prices would double. It was also a time of real hardship and poverty, with an unemployment rate of close to 80 percent and a virtual breakdown in normal economic activity.&nbsp;
Also read/watch | <a href="https://www.editorji.com/business-news/watch-russians-queue-up-at-mcdonald-s-outlets-as-it-exits-the-country-1652853953737">Russians queue up at McDonald's outlets as it exits the country</a>
The History
When Zimbabwe attained independence in 1980, Z$2, Z$5, Z$10 and Z$20 denominations circulated, replaced three decades later by bills in the thousands and ultimately in the millions and trillions as the government sought to prop up a weakening economy amid spiraling inflation.
Shortly after the Z$100 trillion note began circulating, the Zimbabwean dollar was officially abandoned in favor of foreign currencies. From 2007 to 2008, the local legal tender lost more than 99.9 percent of its value. This marked a reversal of fortune from independence, when the value of one Zimbabwe dollar equaled US$1.54. Zimbabwe&rsquo;s extreme and uncontrollable inflation made it the first&mdash;and so far only&mdash;country in the 21st century to experience a hyperinflationary episode.
Zimbabwe, once considered the breadbasket of Africa, was reduced to the continent&rsquo;s beggar within a few years; its citizens were pushed into poverty and often forced to emigrate.
What is hyperinflation?
Hyperinflation is defined as beginning when monthly inflation rates initially exceed 50 percent. It ends in the month before the rate declines below 50 percent, where it must remain for at least a year. Zimbabwe entered the hyperinflationary era in March 2007; the period ended when the nation abandoned its currency in 2009.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/biotmeric-payments-are-here-mastercard-will-soon-let-you-pay-with-your-face-1652843304815" target="_blank">Biometric payments are here! Mastercard will soon let you pay with your face</a>
Causes of hyperinflation&nbsp;in Zimbabwe
<ul>
<li>Government printing money in response to:High national debt</li>
<li>Decline in economic output</li>
<li>Decline in export earnings</li>
<li>Price controls that exacerbate shortages</li>
<li>Lack of confidence in government, economy and political life</li>
</ul>

Barely recovered from a two-year bout of Covid, emerging markets, and now capital flight. Inflation in Turkey has surged to a two-decade high of 69.97% in April. 
Skyrocketing prices have placed significant pressure on households and ramped up criticism of President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil.
In April, the bank kept its benchmark interest rate steady for the fourth consecutive month, bowing to pressure despite high inflation.
Russia’s invasion of Ukraine, which led to a surge in gas, oil and grain prices, has compounded the situation in import-reliant Turkey. The biggest price increases in Turkey last month were in the transportation sector, at 106%, followed by food and non-alcoholic beverage prices at 89%, according to the data.
The Turkish Statistical Institute said consumer prices rose by 69.97 per cent in April compared with the previous year, the biggest year-over-year increase since 2002. The annual inflation rate was up from 61.14 per cent in March. 

Turkey: economic pain continues as inflation accelerates to 70%

Shocking Inflation: This country has a 70% inflation rate

Turkey's cost of living crisis is growing after official data showed that inflation in the country rose to nearly 70%

Turkey is facing the highest prices in over 20 years as inflation soared to an unimaginable 70% in April and yet there is little in the arsenal to fight runaway inflation.&nbsp;Despite soaring prices President Recep Tayyip Erdogan, who is a self proclaimed enemy of rate hikes, has insisted that the central bank keeps rates unchanged. This easy money policy while the global market changed course has led to a crisis in the currency, which lost as much as half its value against the dollar in a matter of weeks in December. Despite some stability the value of the Lira is down 12% vs the dollar in the year so far.&nbsp;
Also read/watch|&nbsp;<a title="Shocking Inflation: This country raised prices of basic staples by 300%&nbsp;" href="https://www.editorji.com/business-news/economy/shocking-inflation-this-country-raised-prices-of-basic-staples-by-300-1652423177372">Shocking Inflation: This country raised prices of basic staples by 300%&nbsp;</a> The biggest price increases in April were in the transport sector, standing at 105.9%, while the prices of food and non-alcoholic drinks jumped 89.1%.
Turkey&rsquo;s financial crisis has been further compounded by Russia&rsquo;s invasion of&nbsp;Ukraine, which has driven up prices, particularly for wheat. The loss of Ukrainian supplies has left it scrambling to find alternatives. For the first time, Turkey has placed orders for 50,000 tonnes of wheat imports from India and reports indicate&nbsp;has started to buy wheat through private electronic-mandi&nbsp;as the price of 'atta' touches a record high even in India.&nbsp;

Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday.
Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the price hike took effect.
With the price of flour already up tenfold, the latest move was likely to cause more hardship for many Iranians.
On Thursday, Iran's currency dropped to a low of 300,000 rial to the dollar.
Food prices across the Middle East have surged due to global supply chain snarls and Russia's invasion of Ukraine, which both export many essentials.
Iran imports half of its cooking oil from Ukraine, where fighting has kept many farmers from the fields.
Although Iran produces roughly half of its own wheat, the war has added to inflationary pressures.

Shocking Inflation: This country raised prices of basic staples by 300% 

Scores of alarmed Iranians waited in long lines to snatch up bundles of food

Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday.
Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the price hike took effect.
With the price of flour already up tenfold, the latest move was likely to cause more hardship for many Iranians.
Also read/watch|&nbsp;<a title="Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears" href="https://www.editorji.com/business-news/terra-s-terror-crypto-reality-strikes-outrage-as-luna-coin-disappears-1652421871975">Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears</a>
On Thursday, Iran's currency dropped to a low of 300,000 rial to the dollar.
Food prices across the Middle East have surged due to global supply chain snarls and Russia's invasion of Ukraine, which both export many essentials.
Iran imports half of its cooking oil from Ukraine, where fighting has kept many farmers from the fields.
Although Iran produces roughly half of its own wheat, the war has added to inflationary pressures.

The pandemic may be over but a different wave of panic is sweeping across the US companies - layoffs. The pandemic boomer companies are now re-evaluating growth and the picture is not pretty and as demand slows. Here is who is firing! Netflix: After losing subscribers, the OTT platform is reshooting its business plans. Reports indicate the streaming giant has laid off employees from it's editorial arm Tudum a platform dedicated to going “behind the streams,” publishing articles about the content that is currently or will be on Netflix. Pelton:One of the big beneficiary of the work-from-home trend, this fitness and equipment maker has let go of nearly 2800 employees in this year and it may not be the end. The stock value has plummted from a marketcap of $50 bn to merely $8 bn as WFH ends across US and utility for home gyms disappears. Noom: This weight loss app is now stretched thin as it laid off nearly 500 employees including hundreds of coaches to cut cost as post pandemic business slowed. Some coaches told Business Insider they were responsible for giving advice to hundreds of users at any given time.Robinhood: The popular trading platform that shot to fame with Gamestop is now facing a new market and has punched in layoff orders. The company has laid off nearly 10% of full time workforce. 
Thrasio: Everyone wanted to copy the Thrasio model at one point of beingthe acquirer of popular brands on Amazon. This "hypergrowth" in acquiring companies is now leading to layoffs. Reports indicate the company is letting of 20% of it's workforce. Even if there is firing, most companies are not hiring anymore. In a rare and concerning move Facebook parent Meta is instituting a hiring freeze — a move that comes as Mark Zuckerberg’s embattled social media giant warns of slowing revenue growth.So the big question that everyone is asking - is the tech bubble bursting again?

Mass layoffs at American companies: Here is who is firing

US companies laying off employees as business growth is slowing, while labor costs are increasing.&nbsp;

The pandemic may be over but a different wave of panic is sweeping across the US companies - layoffs. The pandemic boomer companies are now re-evaluating&nbsp;growth and the picture is not pretty and as demand slows. Here is who is firing!&nbsp; Netflix: After losing subscribers, the OTT&nbsp;platform is reshooting&nbsp;its business plans. Reports indicate the streaming giant has laid off employees from its editorial arm&nbsp;Tudum&nbsp;a platform&nbsp;dedicated to going &ldquo;behind the streams,&rdquo; publishing articles about the content that is currently or will be on Netflix.&nbsp; Pelton:&nbsp;One of the big beneficiaries of the work-from-home trend, this fitness and equipment maker has let go of nearly 2800 employees this year and it may not be the end. The stock value has plummeted from a market cap&nbsp;of $50 bn to merely $8 bn as WFH&nbsp;ends across US and utility for home gyms disappears.&nbsp;
Also read/watch|<a title="&nbsp;Startups Shrink: From unicorns to layoffs, the firing squad is here" href="https://www.editorji.com/business-news/startups-shrink-from-unicorns-to-layoffs-the-firing-squad-is-here-1652263415790">&nbsp;Startups Shrink: From unicorns to layoffs, the firing squad is here</a> Noom: This weight loss app is now stretched thin as it laid off nearly 500 employees including hundreds of coaches to cut costs as post-pandemic business slowed. Some coaches told Business Insider&nbsp;they were responsible for giving advice to hundreds of users at any given time. Robinhood: The popular trading platform that shot to fame with Gamestop&nbsp;is now facing a new market and has punched in layoff orders. The company has laid off nearly 10% of the full-time workforce.&nbsp;
Thrasio: Everyone wanted to copy the Thrasio&nbsp;model at one point of being the&nbsp;acquirer of popular brands on&nbsp;Amazon. This&nbsp;"hypergrowth" in acquiring companies is now leading to layoffs. Reports indicate the company is letting of 20% of it's workforce.&nbsp;
Also read/watch|&nbsp;<a title="Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth" href="https://www.editorji.com/business-news/markets/crypto-markets-scripting-a-scary-story-coins-down-99-billionaires-lose-90-wealth-1652337306286">Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth</a> Even if there is a firing, most companies are not hiring anymore. In a rare and concerning move,&nbsp;Facebook parent Meta is instituting a hiring freeze &mdash; a move that comes as Mark Zuckerberg&rsquo;s embattled social media giant&nbsp;warns of slowing revenue growth. So the big question that everyone is asking is - is the tech bubble bursting again?

The unicorn story is changing from hiring to firing. Somehow the startup bubble has burst and it’s the employees caught in the fallout as ever.Lately, well-funded startups are firing thousands of employees. Here's the list of startups that laid-off employees in 2022: 
Meesho, the e-commerce platform has laid off nearly 150 employees, mostly from its grocery division superstore called Farmiso, as it reportedly plans to merge its online grocery vertical with the main app. 
Meesho isn’t alone. US-based digital mortgage lender Better.com badly botched mass layoffs twice. On December 1, CEO and co-founder Vishal Garg laid off 900 employees via a Zoom call, and made headlines for being cold and insensitive. In March, the company laid off 3,000 of its remaining 9,000 employees in the US and India. 
Back to home again, Unacademy- which saw revenues going up around six times in 2021, laid off nearly 600 employees, contractual workers and educators — about 10 per cent of its 6,000-strong workforce across the group.
Furlenco, the furniture rental startup in March laid off nearly 180-200 employees, mostly from the customer support roles and in the same month, another social commerce platform, Trell asked nearly 300 employees to go, which is close to half of its workforce.
In a nightmare for nearly 1,000 employees, homegrown edtech startup Lido Learning which is backed by top entrepreneur Ronnie Screwvala, apparently shut operations in February, forcing its workforce to seek help via social media platforms. 
Edtech unicorn Vedantu has laid off around 200 employees, a mix of both full-time and contracted employees. 
This is not all. Food and grocery delivery platform Swiggy said it will suspend operations of its subscription-based delivery service, Supr Daily, in five cities, as it is yet to demonstrate profitability. 
Uber CEO Dara Khosrowshahi, for instance, said it will slow down hiring and cut down on marketing and incentive spending to address a “seismic shift” in investor sentiment.
As 2020 and 2021 were all about exuberance, record fundraising and a unicorn being minted every other week, then will 2022 be all about markdowns and layoffs?

Startups Shrink: From unicorns to layoffs, the firing squad is here

From a funding boom to mass layoffs, a look at startups that laid off around 5,700 employees 

From a funding boom to mass layoffs, a look at what has led to around 5,700 employees being rendered jobless

The unicorn story is changing from hiring to firing. India's startup&nbsp;ecosystem seems to be shrinking as new market realities have set in. It may have been Better.com's&nbsp;firing debacle on Zoom that went viral but now the story is hitting home with local startups&nbsp;joining the&nbsp;firing squad.&nbsp; Meesho,&nbsp;the e-commerce platform&nbsp;has laid off nearly 150 employees, mostly from its grocery division superstore called Farmiso, as it reportedly plans to merge its online grocery vertical with the main app.&nbsp;
Unacademy- which saw revenues going up around six times in 2021, laid off nearly 600 employees, contractual workers and educators &mdash; about 10 per cent of its 6,000-strong workforce across the group.
Also read/watch|&nbsp;<a title="Mass layoffs at American companies: Here is who is firing" href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753">Mass layoffs at American companies: Here is who is firing</a>
Furlenco, the furniture rental startup in March laid off nearly 180-200 employees, mostly from the customer support roles and in the same month, another social commerce platform, Trell asked nearly 300 employees to go, which is close to half of its workforce.
In a nightmare for nearly 1,000 employees, homegrown edtech startup Lido Learning which is backed by top entrepreneur Ronnie Screwvala, apparently shut operations in February, forcing its workforce to seek help via social media platforms.&nbsp;
Edtech unicorn Vedantu has laid off around 200 employees, a mix of both full-time and contracted employees. And many educators faced the same tune as&nbsp;Byju&rsquo;s owned and operated coding platform WhiteHatJR reportedly axed 1,800 of its employees to cut costs involved in selling and supporting international markets.&nbsp;
Also read/watch|&nbsp;<a title="LIC IPO allotment today: Here is how to check if you got shares" href="https://www.editorji.com/business-news/lic-ipo-how-to-check-allotment-status-1652261636630" target="_blank">LIC IPO allotment today: Here is how to check if you got shares</a>
This is not the end. Food and grocery delivery platform Swiggy said it will suspend operations of its subscription-based delivery service, Supr Daily, in five cities, as it is yet to demonstrate profitability and out Swiggy&nbsp;Genie back in the bottle.&nbsp;
As 2020 and 2021 were all about exuberance, record&nbsp;fundraising and unicorns being minted every other week, 2022 has kickstarted on a different road which seems to have of speed bumps along the way.&nbsp;

Crippling sanctions imposed on Russia by the US and other western nations are already showing an impact on the global economy, with rising energy & commodity prices and supply chains hit. 
While the West has signalled a clear decoupling from Moscow, should India brace for impact? Finance Minister Nirmala Sitharaman's visit to the United States this week allayed some fears.
The trip comes close on the heels of the US-India 2+2 dialogue held earlier this month, and is well-timed to steer the bilateral trade relationship between the two nations, in a favourable direction.
Nirmala Sitharaman's agenda is packed. A meeting with the IMF Managing Director; followed by bilateral meetings with Indonesia, South Korea, Sri Lanka; a meeting with World Bank president David Malpass; meetings with US CEOs from the semiconductor, energy and other priority sectors; an address at the Atlantic Council; and, an interaction with the faculty and students of Stanford University.
Things seem to be going well. International Monetary Fund Managing Director Kristalina Georgieva has lauded India for its well-targeted policy mix to keep the economy resilient. She also praised India’s commitment to support economic growth through capital expenditure.
Although there was some discomfort over India buying discounted oil from Russia to meet its energy needs, the US has not set a "red line".
After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported.  In 2021, India bought about 12 million barrels of Urals oil from Russia, around 2% of its total imports.
However, since February, India's oil imports from the US have gone up significantly, which is good news for India-US ties. According to officials, India's oil imports from the US are expected to rise by 11% amid criticism over Russia. 
The partnership between the world’s two largest democracies and free-market societies has shown impressive gains. The United States is India's largest trading partner with bilateral trade between the two nations at $113.6bn in 2019-20. India's exports to the US stood at $51.62 bn in 2020-21, while India's imports from the US were about $28.9 bn in 2020-21.
China’s assertiveness is another major reason why both India and the United States seem to be aligned in their economic and trade strategies. Despite divergences on Russia, the US and India understand that ceding the Indo-Pacific region to China may have irreversible consequences.
Therefore, the first step in cementing those ties was to restart the Trade Policy Forum or TPF after a gap of 4 years. US trade representative Katherine Tai met Commerce Minister Piyush Goyal in Delhi last November, to discuss “the full range” of issues affecting their trade relationship.
The Biden administration is also shaping up the Indo-Pacific Economic Framework or IPEF, to economically re-engage with the region, with India taking the lead.
The IPEF will set the US agenda, with a focus on 4 pillars: fair and resilient trade; infrastructure, clean energy, and decarbonization; supply chain resiliency; and tax and anti-corruption. Finance Minister Nirmala Sitharaman has called it ‘a fantastic thought’ which will further bolster India-US ties.
“It is a very innovative way of engaging with countries in that region--Vietnam, Philippines, Malaysia, Thailand. PM Modi is looking at it and we will take a considered view. It will bring new traction to the relationship", said the Finance Minister.
Washington understands that India is an important trading partner, so expanding the mandate of the Quad may be another way to shape the regional economic order to counter China’s influence.
Australia, India, Japan, and the United States, represent four of the largest and strongest economies that should be involved in setting the rules of the game, via a trade working group.
Experts have also argued that a bilateral free trade agreement could be the next frontier in the US-India relationship. Simply because it is not sustainable for the world's two largest economies to not have a trade architecture in place between them, and be outside of the Trans-Pacific Partnership. 
Washington & New Delhi are now looking to take bold strides, to show that democracies can deliver.  $500bn in bilateral trade between the two countries, seems like an achievable target. This will position the US-India partnership as a force to reckon with, and provide impetus for global growth.

Decoded | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?

Trade ties on agenda, Nirmala Sitharaman's US visit builds on the crucial 2+2 dialogue held earlier this month between the world's two biggest democracies, despite divergence on Russia.


Finance Minister Nirmala Sitharaman's&nbsp;US visit builds on the crucial 2+2 dialogue held earlier this month between the world's two biggest democracies, amid the ongoing Russia-Ukraine crisis.

Crippling sanctions imposed on Russia by the US and other western nations are already showing an impact on the global economy, with rising energy &amp; commodity prices and supply chains hit.&nbsp;
While the West has signalled a clear decoupling from Moscow, should India brace for impact? Finance Minister Nirmala Sitharaman's visit to the United States this week allayed some fears.
The trip comes close on the heels of the US-India 2+2 dialogue held earlier this month, and is well-timed to steer the bilateral trade relationship between the two nations, in a favourable direction.
Nirmala Sitharaman's agenda is packed.&nbsp;A meeting with the IMF Managing Director;&nbsp;followed by bilateral meetings with Indonesia, South Korea, Sri Lanka;&nbsp;a meeting with World Bank president David Malpass;&nbsp;meetings with US CEOs from the semiconductor, energy and other priority sectors;&nbsp;an address at the Atlantic Council;&nbsp;and, an interaction with the faculty and students of Stanford University.
Things seem to be going well. International Monetary Fund Managing Director Kristalina Georgieva has lauded India for its well-targeted policy mix to keep the economy resilient. She also praised India&rsquo;s commitment to support economic growth through capital expenditure.
Although there was some discomfort over India buying discounted oil from Russia to meet its energy needs, the US has not set a "red line".
After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported.&nbsp; In 2021, India bought about 12 million barrels of Urals oil from Russia, around 2% of its total imports.
However, since February, India's oil imports from the US have gone up significantly, which is good news for India-US ties.&nbsp;According to officials, India's oil imports from the US are expected to rise by 11% amid criticism over Russia.&nbsp;
The partnership between the world&rsquo;s two largest democracies and free-market societies has shown impressive gains.&nbsp;The United States is India's largest trading partner with bilateral trade between the two nations at $113.6bn in 2019-20.&nbsp;India's exports to the US stood at $51.62 bn in 2020-21, while&nbsp;India's imports from the US were about $28.9 bn in 2020-21.
China&rsquo;s assertiveness is another major reason why both India and the United States seem to be aligned in their economic and trade strategies. Despite divergences on Russia, the US and India understand that ceding the Indo-Pacific region to China may have irreversible consequences.
Therefore, the first step in cementing those ties was to restart the Trade Policy Forum or TPF after a gap of 4 years. US trade representative Katherine Tai met Commerce Minister Piyush Goyal in Delhi last November, to discuss &ldquo;the full range&rdquo; of issues affecting their trade relationship.
The Biden administration is also shaping up the Indo-Pacific Economic Framework or IPEF, to economically re-engage with the region, with India taking the lead.
The IPEF will set the US agenda, with a focus on 4 pillars: fair and resilient trade; infrastructure, clean energy, and decarbonization; supply chain resiliency; and tax and anti-corruption.&nbsp;Finance Minister Nirmala Sitharaman has called it &lsquo;a fantastic thought&rsquo; which will further bolster India-US ties.
&ldquo;It is a very innovative way of engaging with countries in that region--Vietnam, Philippines, Malaysia, Thailand. PM Modi is looking at it and we will take a considered view. It will bring new traction to the relationship", said the Finance Minister.
Washington understands that India is an important trading partner, so expanding the mandate of the Quad may be another way to shape the regional economic order to counter China&rsquo;s influence.
Australia, India, Japan, and the United States, represent four of the largest and strongest economies that should be involved in setting the rules of the game, via a trade working group.
Experts have also argued that a bilateral free trade agreement could be the next frontier in the US-India relationship. Simply because it is not sustainable for the world's two largest economies to not have a trade architecture in place between them, and be outside of the Trans-Pacific Partnership.&nbsp;
Washington &amp; New Delhi are now looking to take bold strides, to show that democracies can deliver.&nbsp;&nbsp;$500bn in bilateral trade between the two countries, seems like an achievable target.&nbsp;This will position the US-India partnership as a force to reckon with, and provide impetus for global growth.

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The Corporate Affairs Ministry said that the inspection of six companies, including NuPower Renewables, linked to the alleged ICICI Bank fraud is at a very advanced stage. The ministry ordered inspection of the firms allegedly involved with ex-ICICI chief Chanda Kochhar and her family members in a loan provided to Videocon Group in a quid pro quo basis who in turn pumped money into NuPower Renewables, owned by Chanda's husband Deepak Kochhar. The controversy forced Chanda Kochhar to step down as the MD and CEO of the bank in October.

The Corporate Affairs Ministry said that the inspection of six companies, including NuPower Renewables, linked to the alleged ICICI Bank fraud is at a very advanced stage. The ministry ordered inspection of the firms allegedly involved with ex-ICICI chief Chanda Kochhar and her family members in a loan provided to Videocon Group in a quid pro quo basis who in turn pumped money into NuPower Renewables, owned by Chanda's husband Deepak Kochhar. The controversy forced Chanda Kochhar to step down as the MD and CEO of the bank in October.

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&amp;P 500, the benchmark for many index funds, fell 4%.&nbsp;The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results. US Inflation is currently reigning at a 40-year high.&nbsp;
&nbsp;

Markets crash: Inflation, rate hike hits tech and retailers big time

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&amp;P 500, the benchmark for many index funds, fell 4%.&nbsp;The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results.
&nbsp;

S&amp;P 500 index saw the biggest daily drop in almost two years

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&amp;P 500, the benchmark for many index funds, fell 4%.&nbsp;The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results. US Inflation is currently reigning at a 40-year high.&nbsp;
&nbsp;

Month after announcing the disappointing subscriber growth slowdown in more than a decade, Netflix lays off about 150 employees. The cuts represent 2 per cent of the streamer’s total workforce, with most of the cuts made in the United States. 
According to reports, the layoffs come across departments and are driven by the need to reduce expenses rather than the performance of individual employees. In addition to the layoff of 150 full-time employees, Netflix is eliminating about 70 part-time jobs in its animation studio and is also cutting freelance roles in its social media and publishing group. The new round of cuts comes less than a month after multiple full-time staff and contractors in Netflix’s editorial and marketing division were laid off.
In April, during its first-quarter earnings announcement, Netflix revealed it had lost 200,000 subscribers in the quarter and expected to lose an additional 2 million during the second quarter. 

Netflix starts sacking, cancelling shows as subscribers shrink

Netflix starts sacking and subcribers shrink

Netflix starts sacking and subscribers shrink

Netflix surprised Wall Street in the first quarter of 2022,&nbsp;reporting a net loss of 200,000 streaming customers&nbsp;&mdash; its first decline in more than a decade

Netflix&nbsp;has fired 150 people as the streaming platform faces revenue pressure with subscribers dropping for the first time in over a decade.&nbsp;The cuts represent 2 per cent of the streamer&rsquo;s total workforce, with most of the cuts made in the United States.&nbsp;
In addition to the layoff of 150 full-time employees, Netflix is eliminating about 70 part-time jobs in its animation studio and is also cutting freelance roles in its social media and publishing group.&nbsp;
Also read/watch|&nbsp;<a title="Watch: Russians queue up at McDonald's outlets as it exits the country" href="https://www.editorji.com/business-news/watch-russians-queue-up-at-mcdonald-s-outlets-as-it-exits-the-country-1652853953737">Watch: Russians queue up at McDonald's outlets as it exits the country</a>
It is not just people but even shows that are getting the 'pink slip' as they get cancelled.&nbsp;The shows Netflix has axed range from critically-acclaimed horrors like Archive 81 to beloved family viewings like The Babysitters' Club, and, well, Cooking with Paris. Nothing and no one it seems, is safe.

From poop slinging to cocky responses, the repartee on Twitter from Elon Musk is casting a doubt on whether this eccentric billionaire will actually buy the social media platform. The War on Bots - Short para on the bot argument But is the real problem debt? (reword this info)But underpinning the deal is a $13 billion debt bill that’s looking like a bigger burden by the day.
Twitter’s annual interest expense to around $900 million, while Bloomberg Intelligence sees $750 million to $1 billion.
With numbers like those, Twitter looks poised to burn cash, boosting the pressure on Musk to transform the company by finding new sources of revenue and slashing costs. FIND AN ENDING 

Bots or Bills, what is really giving Musk second thoughts about Twitter

Pressure will mount on Musk to monetise Twitter as deal brings with it $1 billion interest expense to the social media platform

From poop-slinging to cocky responses, the repartee&nbsp;on Twitter from Elon&nbsp;Musk is casting a doubt on whether this eccentric billionaire will actually buy the social media platform.&nbsp; The War on Bots
Earlier, Musk replied with a poop emoji&nbsp;after Twitter CEO&nbsp;Parag&nbsp;Agrawal&nbsp;in a tweet thread mentioned that it would be difficult to conduct an external audit on the platform's spam accounts. Musk and Agrawal&nbsp;have been in a wrangle lately as the Tesla CEO&nbsp;expresses his doubts over the success of the deal if Twitter fails to provide proof of spam accounts.
Also read/watch |<a href="https://www.editorji.com/business-news/watch-russians-queue-up-at-mcdonald-s-outlets-as-it-exits-the-country-1652853953737" target="_blank">&nbsp;Watch: Russians queue up at McDonald's outlets as it exits the country</a>
But is the real problem debt?
Underpinning the deal is a $13 billion debt bill that&rsquo;s looking like a bigger burden by the day.&nbsp;Twitter&rsquo;s annual interest expense to around $900 million, while Bloomberg Intelligence sees $750 million to $1 billion.
With numbers like those, Twitter looks poised to burn cash, boosting the pressure on Musk to transform the company by finding new sources of revenue and slashing costs.
Musk wanted to eliminate spam Twitter accounts
Well, one must remember that Musk offered to buy the social media giant for $44 billion as he decided to eliminate bots from Twitter. Even after buying the largest stake in the company, Musk tweeted, "If our Twitter bid succeeds, we will defeat the spam bots or die trying!&rdquo;
So, now the question arises, if he already knew about the problem of bots -- and Twitter has always said the real number could be higher even though their best estimate calculated it to be sub-5 percent&nbsp;-- then why didn't the eccentric billion do the due diligence before announcing the deal.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/paytm-mall-99-5-valuation-decline-as-key-investors-alibaba-ant-group-exit-1652787134002" target="_blank">Paytm Mall: 99.5% valuation decline as key investors Alibaba, Ant Group exit</a>
We must also look at the deal offer which was made at $54.20 per share. Since then the prices of tech companies have corrected sharply and hence a $54 per share seems like a significantly premium offer for a share that has already been trading at $38.

''It will be bad without McDonald's. I celebrated all of my birthdays here during the 1990s'', that's what a Moscow resident had to say ahead of McDonald's nationwide exit. More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald's is selling its business to a Russian fast-food chain called Uncle Vanya, another symbol of the country’s increasing isolation over its war in Ukraine.
The Chicago burger giant confirmed that it is selling its 850 restaurants in Russia. McDonald's said it will seek a buyer who will employ its 62,000 workers in Russia, and will continue to pay those workers until the deal closes.
McDonald's said in early March that it was temporarily closing its stores in Russia but would continue to pay its employees. It was a costly decision. Late last month, the company said it was losing $55 million each month due to the restaurant closures. It also lost $100 million worth of inventory.Western companies have wrestled with extricating themselves from Russia, enduring the hit to their bottom lines from pausing or closing operations in the face of sanctions. 

Watch: Russians queue up at McDonald's outlets as it exits the country

More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald's exits Russia 

Maharaja Mc exits Russia! 

Western companies have wrestled with extricating themselves from Russia, enduring the hit to their bottom lines from pausing or closing operations in the face of sanctions

''It will be bad without McDonald's. I celebrated all of my birthdays here during the 1990s'', that's what a&nbsp;Moscow resident had to say&nbsp;ahead of&nbsp;McDonald's nationwide exit.&nbsp; More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald's is selling its business to a Russian fast-food chain called Uncle Vanya, another symbol of the country&rsquo;s increasing isolation over its war in Ukraine.
Also read/watch|&nbsp;<a title="Biometric payments are here! Mastercard will soon let you pay with your face" href="https://www.editorji.com/business-news/biotmeric-payments-are-here-mastercard-will-soon-let-you-pay-with-your-face-1652843304815">Biometric payments are here! Mastercard will soon let you pay with your face</a>
The Chicago burger giant confirmed that it is selling its 850 restaurants in Russia. McDonald's said it will seek a buyer who will employ its 62,000 workers in Russia, and will continue to pay those workers until the deal closes.
McDonald's said in early March that it was temporarily closing its stores in Russia but would continue to pay its employees. It was a costly decision. Late last month, the company said it was losing $55 million each month due to the restaurant closures. It also lost $100 million worth of inventory. Western companies have wrestled with extricating themselves from Russia, enduring the hit to their bottom lines from pausing or closing operations in the face of sanctions.&nbsp;

Get ready to replace your credit card with your face! Mastercard has rolled out a pilot program which brings biometric payments to retail outlets. Mastercard's Biometric Checkout Program would let a shopper scan their face using a retailer’s smartphone app and assign their likeness to a bank card stored on file. So  how does it work, you will need to sign up on Mastercard, you take a picture of your face or scan your fingerprint to register it with an app. This is done either on your smartphone or at a payment terminal. You can then add a credit card, which gets linked to your biometric data.In the long run, Mastercard’s vision is to make the tech “globally interoperable,” Ajay Bhalla, Mastercard’s president of cyber and intelligence said. “So once you’ve stored your credentials, you could use this anywhere.”The program has already gone live in Sao Paulo, Brazil and Mastercard says it plans to roll it out globally later this year.

Biometric payments are here! Mastercard lets you pay with your face

Biometric payments are here! Mastercard will soon let you pay with your face

Users can authenticate a payment by showing their face or the palm of their hand instead of swiping their card.

Get ready to replace your credit card with your face! Mastercard&nbsp;has rolled out a pilot program which brings biometric payments to retail outlets.&nbsp; Mastercard's Biometric Checkout Program would let a shopper scan their face using a retailer&rsquo;s smartphone app and assign their likeness to a bank card stored on file.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/paytm-mall-99-5-valuation-decline-as-key-investors-alibaba-ant-group-exit-1652787134002" target="_blank">Paytm Mall: 99.5% valuation decline as key investors Alibaba, Ant Group exit</a> So&nbsp; how does it work, you will need to sign up on Mastercard, you take a picture of your face or scan your fingerprint to register it with an app. This is done either on your smartphone or at a payment terminal. You can then add a credit card, which gets linked to your biometric data. In the long run, Mastercard&rsquo;s vision is to make the tech &ldquo;globally interoperable&rdquo; Ajay&nbsp;Bhalla,&nbsp;Mastercard&rsquo;s&nbsp;President of Cyber and Business Intelligence&nbsp;said. &ldquo;So once you&rsquo;ve stored your credentials, you could use this anywhere.&rdquo;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/bots-or-bills-what-is-really-giving-musk-second-thoughts-about-twitter-1652856259014">Bots or Bills, what is really giving Musk second thoughts about Twitter</a> The program has already gone live in Sao Paulo, Brazil and&nbsp;Mastercard says it plans to roll it out globally later this year.

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