Name: Markets open in green, midcaps underperform
Uploaded: 2019-01-31T10:01:27.000+05:30
Duration: T00M12S
Channel: Editorji News Desk
Description: Markets opened higher led by Tata and ICICI Bank while midcaps underperformed.

Weeks after implementing curbs on wheat exports to ensure food security, the Indian govt now plans to restrict sugar exports to prevent a surge in domestic prices. 
According to reports, the new move to curb sugar export is being seen by some as a new risk to global food prices.
News agency Reuters has reported that it could potentially cap this season's exports at 10 million tonnes.
This would be the first such restriction in six years. India is the world's biggest sugar producer and the secondbiggest exporter behind Brazil.
The major importing countries are Indonesia, Afghanistan, Bangladesh, Malaysia, Sri Lanka, the UAE and African countries.
The average retail price of sugar in is about Rs 41.50 per kg in India and is likely to remain in the range of Rs 40-43 per kg in the coming months.
Domestic status
Sugar exports rose by 64 per cent to 71 lakh tonnes during the October 2021-April 2022 period on better demand for the Indian sweetener in global markets, according to a statement by the industry body Indian Sugar Mills Association (ISMA) on May 19. It added that 43.19 lakh tonnes of sugar were exported during the corresponding period of the last year.

 Sugar next on export watchlist after wheat 

Weeks after implementing curbs on wheat exports to ensure food security, the Indian govt now plans to restrict sugar exports. 

Here's the reason 

India is the world's biggest sugar producer and the second-biggest exporter after Brazil&nbsp;

Weeks after&nbsp;implementing curbs on wheat exports to ensure food security, the Indian govt now plans to restrict&nbsp;sugar exports to prevent a surge in domestic prices.&nbsp;
According to reports, the new move to curb sugar export is being seen by some as a new risk to global food prices.
News agency Reuters has reported that it could potentially cap this season's exports at 10 million tonnes.
Also read/watch| <a title="Sri Lanka crisis continues; petrol at all-time high of ₹420, diesel ₹400 per ltr" href="https://www.editorji.com/business-news/sri-lanka-crisis-continues-petrol-at-all-time-high-of-420-diesel-400-per-ltr-1653384268341">Sri Lanka crisis continues; petrol at all-time high of ₹420, diesel ₹400 per ltr</a>
This would be the first such restriction in six years.&nbsp;India is the world's biggest sugar producer and the second biggest exporter behind Brazil.
The major importing countries are Indonesia, Afghanistan, Bangladesh, Malaysia, Sri Lanka, the UAE and African countries.
The average retail price of sugar in is about Rs 41.50 per kg in India and is likely to remain in the range of Rs 40-43 per kg in the coming months.
Domestic status
Sugar exports rose by 64 per cent to 71 lakh tonnes during the October 2021-April 2022 period on better demand for the Indian sweetener in global markets, according to a statement by the industry body Indian Sugar Mills Association (ISMA) on May 19. It added that 43.19 lakh tonnes of sugar were exported during the corresponding period of the last year.

Crisis-hit Sri Lanka on Tuesday raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country’s worst economic crisis due to the shortage of foreign exchange reserves.
With the second fuel price hike since April 19, now the most-used Octane 92 petrol would cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) a litre, an all-time high.
The decision to raise the Octane 92 petrol price by 24.3 per cent or 82 rupees and diesel by 38.4 per cent or 111 rupees per litre was taken by the state fuel entity, Ceylon Petroleum Corporation (CPC).
“Fuel Price will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices,” Power and Energy Minister Kanchana Wijesekara said on Twitter.
“Price revision includes all costs incurred in importing, unloading, distribution to the stations and taxes.
“The Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly,” he said.
The hike came as the public continues to suffer in long queues at fuel stations hit by shortages.
Lanka IOC, the Sri Lankan subsidiary of India’s oil major Indian Oil Corporation, has also raised the retail prices of fuel.
“We have raised our prices to match the CPC,” Manoj Gupta, the CEO of LIOC, told PTI.
Meanwhile, the auto-rickshaw operators said they would raise the tariff to be 90 rupees per first kilometre and 80 rupees for the second onwards.
As a measure to mitigate the costs, the government announced that the heads of institutions would be given the discretion over which employees would be essential to report physically. The rest be allowed to work from home.
Lanka IOC has been in operation in Sri Lanka since 2002.
Sri Lanka has been mulling different options to facilitate measures to prevent fuel pumps from going dry, as the country faces a severe foreign exchange crisis to pay for its imports.
The island nation is grappling with an unprecedented economic turmoil, the worst since its independence from Britain in 1948. It is struggling with a shortage of almost all essentials, due to the lack of dollars to pay for the imports.
A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
The economic crisis has also triggered a political crisis in Sri Lanka and a demand for the resignation of President Gotabaya Rajapaksa. The crisis has already forced prime minister Mahinda Rajapaksa, the elder brother of the president, to resign on May 9.
An inflation rate spiralling towards 40 per cent, shortages of food, fuel and medicines and rolling power blackouts have led to nationwide protests and a plunging currency, with the government short of the foreign currency reserves it needed to pay for imports.

Sri Lanka crisis continues; petrol at all-time high of Rs 420, diesel Rs 400 per ltr

Hike came as the public continues to suffer in long queues at fuel stations hit by shortages:

Sri Lanka crisis continues; petrol to cost Rs 420

Crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people

Crisis-hit Sri Lanka on Tuesday raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country&rsquo;s worst economic crisis due to the shortage of foreign exchange reserves.
With the second fuel price hike since April 19, now the most-used Octane 92 petrol would cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) a litre, an all-time high.
The decision to raise the Octane 92 petrol price by 24.3 per cent or 82 rupees and diesel by 38.4 per cent or 111 rupees per litre was taken by the state fuel entity, Ceylon Petroleum Corporation (CPC).
Also read/watch| <a title="ACs, mobile phones, cars to get more expensive; here's why" href="https://www.editorji.com/business-news/acs-mobile-phones-cars-to-get-more-expensive-here-s-why-1653381447818">ACs, mobile phones, cars to get more expensive; here's why</a>
&ldquo;Fuel Price will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices,&rdquo; Power and Energy Minister Kanchana Wijesekara said on Twitter.
&ldquo;Price revision includes all costs incurred in importing, unloading, distribution to the stations and taxes.
&ldquo;The Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly,&rdquo; he said.
The hike came as the public continues to suffer in long queues at fuel stations hit by shortages.
Lanka IOC, the Sri Lankan subsidiary of India&rsquo;s oil major Indian Oil Corporation, has also raised the retail prices of fuel.
&ldquo;We have raised our prices to match the CPC,&rdquo; Manoj Gupta, the CEO of LIOC, told PTI.
Meanwhile, the auto-rickshaw operators said they would raise the tariff to be 90 rupees per first kilometre and 80 rupees for the second onwards.
As a measure to mitigate the costs, the government announced that the heads of institutions would be given the discretion over which employees would be essential to report physically. The rest be allowed to work from home.
Lanka IOC has been in operation in Sri Lanka since 2002.
Sri Lanka has been mulling different options to facilitate measures to prevent fuel pumps from going dry, as the country faces a severe foreign exchange crisis to pay for its imports.
The island nation is grappling with an unprecedented economic turmoil, the worst since its independence from Britain in 1948. It is struggling with a shortage of almost all essentials, due to the lack of dollars to pay for the imports.
A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
The economic crisis has also triggered a political crisis in Sri Lanka and a demand for the resignation of President Gotabaya Rajapaksa. The crisis has already forced prime minister Mahinda Rajapaksa, the elder brother of the president, to resign on May 9.
An inflation rate spiralling towards 40 per cent, shortages of food, fuel and medicines and rolling power blackouts have led to nationwide protests and a plunging currency, with the government short of the foreign currency reserves it needed to pay for imports.

From cars to ACs&nbsp;to your mobile phones, everything that depends on the&nbsp;semiconductor chips is going to get expensive. Not because of the shortage this time but&nbsp;as chip foundries prepare to increase their prices.
The world&rsquo;s biggest foundries &mdash; including&nbsp;Taiwan Semiconductor Manufacturing Company,&nbsp;Samsung&nbsp;and&nbsp;Intel&nbsp;&mdash; are considering price hikes even as they have already increased prices 10-20 percent in the past year, CNBC&nbsp;reports.
Also read/watch |&nbsp;Snapchat warns the picture is not looking good! slashes hiring and outlook
The foundries are increasing their prices because it&rsquo;s becoming more expensive for them to fund their growing operations. The chemicals used in chip manufacturing have increased 10-20 percent, as per the report. Similarly, the labor required to build new semiconductor facilities has also seen shortages and increased wage rates.
Samsung is set to increase its chipmaking prices by up to 20 percent, according to a Bloomberg report last Friday.
Also read/watch |&nbsp;TIME 100: Gautam Adani makes the list of most influential

ACs, mobile phones, cars to get more expensive; here's why

The world’s biggest foundries — including Taiwan Semiconductor Manufacturing Company, Samsung and Intel — are considering price hikes even as they have already increased prices 10-20 percent in the past year, CNBC reports.

Electronics, automobiles to get expensive

Samsung is set to increase its chipmaking prices by up to 20 percent.

From cars to ACs&nbsp;to your mobile phones, everything that depends on the&nbsp;semiconductor chips is going to get expensive. Not because of the shortage this time but&nbsp;as chip foundries prepare to increase their prices.
The world&rsquo;s biggest foundries &mdash; including&nbsp;Taiwan Semiconductor Manufacturing Company,&nbsp;Samsung&nbsp;and&nbsp;Intel&nbsp;&mdash; are considering price hikes even as they have already increased prices 10-20 percent in the past year, CNBC&nbsp;reports.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/snapchat-warns-the-picture-is-not-looking-good-slashes-hiring-and-outlook-1653372971935" target="_blank">Snapchat warns the picture is not looking good! slashes hiring and outlook</a>
The foundries are increasing their prices because it&rsquo;s becoming more expensive for them to fund their growing operations. The chemicals used in chip manufacturing have increased 10-20 percent, as per the report. Similarly, the labor required to build new semiconductor facilities has also seen shortages and increased wage rates.
Samsung is set to increase its chipmaking prices by up to 20 percent, according to a Bloomberg report last Friday.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/time-100-gautam-adani-makes-the-list-of-most-influential-1653358038551" target="_blank">TIME 100: Gautam Adani makes the list of most influential</a>

Twitter, Meta and now social media platform Snapchat is the latest in the tech bunch to warn of worsening outlook and advising 'tightening of expenses' as they reworked their guidance. CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and plans to pull back on hiring for the rest of the yearl Snap plans to hire 500 more people this year versus the 2,000 new people it hired over the past 12 months. In addition, Spiegel said managers have been asked to “review spending to find additional cost savings.”Snap's CEO blamed the changing macro outlook which has hit many tech companies he stated "Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more."Earlier this month Twitter CEO Parag Agrawal also expressed similar concerns to employees as he asked hiring to be slowed and expenses to be given a hard look. 

Snapchat warns the picture is not looking good! slashes hiring and outlook

The social media company will also slow hiring through the end of the year

Twitter, Meta and now social media platform Snapchat&nbsp;is the latest in the tech bunch to warn of worsening outlook and advising 'tightening of expenses' as they reworked their guidance.&nbsp; CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and&nbsp;plans to pull back on hiring for the rest of the yearl Snap plans to hire 500 more people this year versus the 2,000 new people it hired over the past 12 months. In addition, Spiegel said managers have been asked to &ldquo;review spending to find additional cost savings.&rdquo;
Also read/watch| <a title="Zomato revenues grow 75%, losses widen 1.6x" href="https://www.editorji.com/business-news/zomato-revenues-grow-75-losses-widen-1-6x-1653365756784">Zomato revenues grow 75%, losses widen 1.6x</a> Snap's&nbsp;CEO&nbsp;blamed the changing macro outlook which has hit many tech companies he stated "Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more." Earlier this month Twitter CEO&nbsp;Parag&nbsp;Agrawal&nbsp;also expressed similar concerns to employees as he asked hiring to be slowed and expenses to be given a hard look.&nbsp;

Zomato, the food delivery platform, has reported a 75 percent year-on-year jump in revenues for the March quarter of the financial year 2022. However, its net loss widened to Rs 360 crore from Rs 134 crore in the corresponding quarter previous year.
Consolidated revenue from operations during the quarter under review stood at Rs 1,211.8 crore, as against Rs 692.4 crore in the year-ago period.
Also read/watch | PM Modi in Japan: Meets heads of Softbank, Suzuki, Uniqlo
Total expenses during the fourth quarter rose to Rs 1,701.7 crore as against Rs 885 crore earlier, the company said.
Gross Order Value -- the total value of orders -- grew by 6 percent quarter-on-quarter and 77 percent year-on-year to a record high of Rs 5,850 crore in Q4FY22. This was driven by healthy growth in order volumes while the average order value remained stable.
Also read/watch | FIRST LOOK at Rakesh Jhunjhunwala's Akasa Air
Morgan Stanley maintained an 'overweight' rating on Zomato shares with a target of Rs 135 as against its Monday closing near Rs 56 a scrip. It noted that the company is moving in the right direction, but needs consistent execution to meet the high expectations.

Zomato revenues grow 75%, losses widen 1.6x

Zomato reported a 75 percent growth in its revenues for the March quarter, however, its losses widened by 160 percent over the previous year.

Zomato's&nbsp;Q4FY22&nbsp;revenue stood at Rs 1,211.8 crore, as against Rs 692.4 crore in the year-ago period.

Zomato, the food delivery platform, has reported a 75 percent year-on-year jump in revenues for the March quarter of the&nbsp;financial year 2022. However, its net loss widened to Rs 360 crore&nbsp;from Rs 134 crore&nbsp;in the corresponding quarter previous year.
Consolidated revenue from operations during the quarter under review stood at Rs 1,211.8 crore, as against Rs 692.4 crore in the year-ago period.
Also read/watch | <a href="https://www.editorji.com/business-news/pm-modi-in-japan-meets-heads-of-softbank-suzuki-uniqlo-1653297656956" target="_blank">PM</a><a href="https://www.editorji.com/business-news/pm-modi-in-japan-meets-heads-of-softbank-suzuki-uniqlo-1653297656956" target="_blank"> Modi in Japan: Meets heads of Softbank, Suzuki, Uniqlo</a>
Total expenses during the fourth quarter rose to Rs 1,701.7 crore as against Rs 885 crore earlier, the company said.
Gross Order Value -- the total value of orders --&nbsp;grew by 6 percent quarter-on-quarter&nbsp;and 77 percent year-on-year to a record high of Rs 5,850 crore&nbsp;in Q4FY22. This was driven by healthy growth in order volumes while the average order value remained stable.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/first-look-at-rakesh-jhunjhunwala-s-akasa-air-1653289112679" target="_blank">FIRST LOOK at Rakesh Jhunjhunwala's Akasa Air</a>
Morgan Stanley maintained an 'overweight' rating on Zomato&nbsp;shares&nbsp;with a target of Rs 135 as against its Monday&nbsp;closing near Rs 56 a scrip. It noted that the company is moving in the right direction, but needs consistent execution to meet the high expectations.

Gautam Adani featured in the Time 100 list of most influential people of 2022 is making headlines as India's richest man is featured amongst like the like Apple boss Tim Cook and Amazon CEO Andy Jassy. Worth over $100 billion, Adani is now 6th richest person in the world. He has conclusively overtaken Mukesh Ambani as Adani gained over $29 billion, the most among billionaire peers. This first generation entrepreneur has seen his empire grew spanning ports both for sea and air travel, energy from thermal to clean and from cement to consumer goods. As the Time writes, Adani is the poster boy of economic growth...with Modi’s stated goal of making India a $5 trillion economy by 2025, Adani’s journey may have only just begun.

Time 100: Gautam Adani makes the list of most influential

Adani has done 32 deals worth $17 billion over the last one year

Gautam&nbsp;Adani&nbsp;featured in the Time 100 list of most influential people of 2022 is making headlines as India's richest man is featured amongst like the like Apple boss Tim Cook and Amazon CEO&nbsp;Andy Jassy.&nbsp; Worth over $100 billion, Adani&nbsp;is now 6th richest person in the world. He has conclusively overtaken Mukesh&nbsp;Ambani&nbsp;as Adani&nbsp;gained over $29 billion, the most among billionaire peers. This first generation&nbsp;entrepreneur has seen his&nbsp;empire grew spanning ports both for sea and air travel, energy from&nbsp;thermal to clean and from cement to consumer goods.&nbsp; As the Time writes,&nbsp;Adani&nbsp;is the poster boy of economic growth...with Modi&rsquo;s stated goal of making India a $5 trillion economy by 2025, Adani&rsquo;s journey may have only just begun.

Think of your dream property, car, Watch, Jewellery Piece and then think a little harder and you’ll begin to get an idea of what the most expensive these things in the world look like.Here are 5 such things that you might never be able to afford in this lifetime, and if you're able to afford, you might not see the value in the price tag. Let's see what they are:
1. Buckingham Palace might not be put up for sale anytime soon but, if it was, it would be worth around $6.7 billion dollars. With 240 bedrooms as well as a swimming pool and doctor’s surgery, it’s a place called home by the British Royal Family and is also open to the public for guided tours. 
In total, this rich house—if you can call it a mere house—contains 775 rooms: 19 state rooms, 92 offices, and 78 bathrooms. It’s also got a huge team of staff as well as beautiful gardens. Rumour has it, there are a few other secret rooms dotted throughout this huge luxury mansion.
2. In 1964, the 250 GTO won the Tour de France Automobile – marking the ninth year in a row that Ferrari won that race. Only 36 of these cars were made between 1962 and 1963; the specific Ferrari that’s the most expensive in the world, at an unbelievable $70,000,000 price point, was victorious not only in the Tour de France, but it also placed in the Le Mans.
With a top speed of 174 miles per hour and an acceleration of 0-60 mph (0-100 km/h) in 6.1 seconds, its stats wouldn’t stand up to the hypercars of the modern day. However, in the ‘60s, it was the fastest in the world – and, now, decades later, it remains the most expensive car in the world of all time by a long shot.
3.Graff Diamonds Hallucination
The most expensive watch ever made is another Graff Diamonds creation. The Hallucination is, as the name suggests, truly breathtaking and brilliantly fantastical. 
Featuring a kaleidoscopic array of 110 carats of different coloured diamonds in a range of different cuts, set into a platinum bracelet, The Hallucination brings high-fashion to the world of horlogerie.
4. The Hope Diamond The most expensive and perhaps the most famous jewel in the world is a 45.52 carat blue stone known as the Hope Diamond. Believed to have been discovered in India in the 1600s, the Hope Diamond was bought by King Louis XIV in 1668. This $250 million worth carat Fancy Dark Gray-Blue antique cushion cut diamond was later stolen during a crown jewel looting in 1791 but resurfaced in London in 1839.
5. 

World's costliest: House, Car, Watch, Jewellery Piece, Painting 

From the priciest house to the costliest painting and beyond, here are 5 such things that you might never be able to afford in this lifetime, and if you're able to afford, you might not see the value in the price tag

From the priciest house to the costliest painting and beyond, here are 5 such things that you might never be able to afford in this lifetime

At a time when lemons and tomatoes are making it on the list of expensive items we look at some of the priciest things money can buy!&nbsp; World's most expensive home:&nbsp;Buckingham Palace&nbsp; You may not see a "For Sale" sign on this London property but home to the British Monarch is valued at $6.7 billion dollars. This 775 room&nbsp;palace has served as the monarchy's headquarter&nbsp;since 1837. Spread across 39 acres, the residence has everything it needs to be its own self-sufficient village, including a post office, movie theatre, police station and clinic.
Also read/watch|&nbsp;<a title="Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&amp;P a scam" href="https://www.editorji.com/business-news/markets/explained-why-tesla-is-no-longer-on-green-and-clean-index-musk-calls-s-p-a-scam-1652950825989">Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&amp;P a scam</a> World's most expensive ride:&nbsp;1963 Ferrari 250 GTO&nbsp;
Zooming in with a $70 million price tag is the ultimate collectible car -&nbsp;Ferrari 250 GTO&nbsp;also dubbed "Il Mostro&rdquo;&mdash;the monster. With only 36 of these cars ever manufactured, it calls for top billing at an auction as a nine-time in a row winner of the&nbsp;Tour de France. With a top speed of 174 miles per hour it is definitely not the fastest but remains the costliest car by a mile and yes they are still in running condition.&nbsp; World's most expensive watch:&nbsp;Graff Diamonds Hallucination
Even if your eyes are able to handle the sparkle, the price tag will surely blind you. The&nbsp;Graff Diamonds Hallucination clocks in with a price of $55 million and can be considered more a piece of jewellery with 110 carats of different coloured diamonds in a range of different cuts, set into a platinum bracelet. But if one had to evaluate the worth of a watch for just its making and brand then the&nbsp; Patek Philippe Grandmaster Chime commands pole position; worth a whopping $31 million. 
World's most expensive jewellery:&nbsp;The&nbsp;Hope Diamond The Hope Diamond is a 45.52-carat diamond originally extracted in the 17th century from the Kollur Mine in Guntur&nbsp;and&nbsp;was bought by King Louis XIV in 1668. This $250 million worth carat Fancy Dark Gray-Blue antique cushion cut diamond was later stolen during a crown jewel looting in 1791 but resurfaced in London in 1839.&nbsp;According to the legend, there is a curse that comes with the glitter,&nbsp;a curse that foretold bad luck and death not only for the owner of the diamond but for all who touched it.
World's most expensive painting:&nbsp;Salvator Mundi The image of Christ as The Saviour of the World was billed as the Last da Vinci&nbsp;at Christie's 2017 and broke all&nbsp;records when it was bought for $450 million in 2017 by the Saudi Royal family. Not been seen in public since then but it remains in the news as art connoisseurs continue to debate if the&nbsp;Salvator Mundi&nbsp;is indeed a work by the master or just his assistants. In an era where digital art and Beeple's make headlines, Da Vinci&nbsp;still remains the holy grail for collectors.&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.

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.

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Markets opened higher led by Tata and ICICI Bank while midcaps underperformed.

Ransomware attacks have risen by a steep 13 percent in the last five years and by 25 percent in the last year alone, as per Verizon's 15th annual Data Breach Investigations Report.
The latest one is on an Indian airline Spicejet. Editorji lists some of the biggest ransomware attacks in the last five years:
1. WannaCry: In May 2017, a ransomware called WannaCry infected computers across the globe in an incident termed 'a global epidemic'. This ransomware attack spread through computers operating Microsoft Windows and demanded payment in bitcoin. More than 2 lakh computers around the world were infected. Computer systems in 150 countries were affected by the attack, with a total estimated loss of around $4 billion globally. The attackers initially demanded $300 in bitcoin to unlock infected computer systems. The demand was later increased to $600 in bitcoin. However, some researchers claim that no one got their data back, even if they met the demands.
2. SamSam: It made headlines in 2018 when it infected the city of Atlanta, the Colorado Department of Transportation, and the Port of San Diego, causing major disruptions of service. That same ransomware was utilized by different bad actors again that same year against hospitals, municipalities, and public institutions, causing an estimated loss of $30 million.
3. Ryuk: Both 2019 and 2020 were dominated by Ryuk ransomware spread mainly via phishing emails, containing dangerous links and attachments. Prior to recent attacks, Ryuk was the costliest to remediate, with ransom amounts exceeding $300,000 in some cases. Authorities state that Ryuk’s attacks have already caused more than $60 million in damage worldwide.
4. REvil Ransomware: This was one of the most well-known cases of 2020, especially because of the big names involved. Grubman Shire Meiselas & Sacks, a law firm that handles international celebrities such as Madonna, Bruce Springsteen, Lady Gaga, Nicki Minaj, and more, was hacked in mid-May by REvil Ransomware, also popularly known as Sodinokibi. Media reports said that about 756 GB of private documents and correspondence with clients were stolen. The hacker group had taken control over the personal information of its high-profile clients and demanded a $21 million ransom.
5. Maze Ransomware: The biggest Ransomware attack of 2020 was led by technology giant Cognizant. It cost the company a staggering $50 to $70 million in revenue loss, and recovery and mitigation efforts. This barred its work from home capabilities and encrypted its servers.

Top ransomware attacks in the last 5 years

Ransomware attacks have risen by a steep 13 percent in the last five years and by 25 percent in the last year alone, as per Verizon's 15th annual Data Breach Investigations Report.

Most dangerous ransomware attacks in the last 5 years

In 2017, WannaCry ransomware infected over two lakh computers worldwide.
&nbsp;

Cyberattacks are the biggest threat to the global digital economy and the pace of ransomware attacks is getting faster and the scope is getting&nbsp;bigger.&nbsp;Ransomware&nbsp;attacks have risen by a steep 13 percent in the last five years and by 25 percent in the last year alone, as per&nbsp;Verizon's&nbsp;15th annual Data Breach Investigations Report.
Also read/watch |<a href="https://www.editorji.com/business-news/markets/investor-who-called-2008-crash-says-2022-is-a-plane-crash-1653449953856" target="_blank">&nbsp;Investor who called the 2008 crash says 2022 is a 'plane crash'</a>
The latest one is on an Indian airline Spicejet. Editorji&nbsp;lists some of the biggest ransomware attacks in the last five years:
1.&nbsp;WannaCry: In May 2017, a ransomware called WannaCry infected computers across the globe in an incident termed 'a global epidemic'.&nbsp;This ransomware attack spread through computers operating Microsoft Windows and demanded payment in bitcoin. More than 2 lakh computers around the world were infected. Computer systems in 150 countries were affected by the attack, with a total estimated loss of around $4 billion globally. The attackers initially demanded $300 in bitcoin to unlock infected computer systems. The demand was later increased to $600 in bitcoin. However, some researchers claim that no one got their data back, even if they met the demands.
2. SamSam:&nbsp;It&nbsp;made headlines in 2018 when it infected the city of Atlanta, the Colorado Department of Transportation, and the Port of San Diego, causing major disruptions of service. That same ransomware was utilized by different bad actors again that same year against hospitals, municipalities, and public institutions, causing an estimated loss of $30 million.
Also read/watch | <a href="https://www.editorji.com/business-news/spicejet-faces-ransomware-attack-departure-of-morning-flights-affected-1653450718827" target="_blank">SpiceJet faces ransomware attack, departure of morning flights affected</a>
3. Ryuk: Both 2019 and 2020 were dominated by Ryuk ransomware spread mainly via phishing emails, containing dangerous links and attachments. Prior to recent attacks, Ryuk was the costliest to remediate, with ransom amounts exceeding $300,000 in some cases. Authorities state that Ryuk&rsquo;s attacks have already caused more than $60 million in damage worldwide.
4.&nbsp;REvil Ransomware: This was one of the most well-known cases of 2020, especially because of the big names involved. Grubman Shire Meiselas &amp; Sacks, a law firm that handles international celebrities such as Madonna, Bruce Springsteen, Lady Gaga,&nbsp;Nicki Minaj, and more, was hacked in mid-May by REvil Ransomware, also popularly known as Sodinokibi. Media reports said that about 756 GB of private documents and correspondence with clients were stolen. The hacker group had taken control over the personal information of its high-profile clients and demanded a $21 million ransom.
5. Maze Ransomware: The biggest Ransomware attack of 2020 was led by technology giant Cognizant. It cost&nbsp;the company a staggering $50 to $70 million in revenue loss, and recovery and mitigation efforts. This barred its work from home capabilities and encrypted its servers.
Also read/watch | <a href="https://www.editorji.com/business-news/markets/oh-snap-160-billion-wiped-out-is-the-dream-run-over-1653446102280" target="_blank">Oh SNAP! $160 billion wiped out, is the dream run over?</a>
The World Economic Forum points out that global leaders identified cyber risk as a major digital challenge, with 64 percent of the respondents expecting they will experience a disruptive event within the next year. Nearly one in five (19.5 percent) respondents believe cybersecurity failures will be a critical threat to the world in just the next two years, and 14.6 percent project a critical threat within two to five years.
According to Dell Technologies 2021 Global Data Protection Index survey, 44 percent of businesses experienced more cyberattacks and data loss during this past year or so, and more than 67 percent lacked confidence that all business-critical data can be recovered in the event of a cyberattack. 82 percent of customers do not believe their current data protection product is sufficient to handle future business challenges.

#Instagramdown trended on social media as the social media platform faced an outage leaving hundred in India unable to log in on Tuesday morning. The server error has primarily impacted Instagram mobile app users and the website is working perfectly. As per DownDetector, the service has not been working for multiple users since since 9:45 am on Tuesday, May 25. Users from all over India including including Delhi, Jaipur, Lucknow, Mumbai, and Bengaluru took to Twitter to express their angst. 

#instagramdown: Instagram is down for select users in the country, outage confirmed by Downdetector as per reports

Downdetector reported the outage after hundreds of users complained.

#Instagramdown trended on social media as the social media platform faced an outage leaving hundred in India unable to log in on Tuesday morning.&nbsp;The server error has primarily impacted Instagram mobile app users and the website is working perfectly.&nbsp;
Also read/watch| <a title="Most dangerous ransomware attacks in the last 5 years" href="https://www.editorji.com/business-news/most-dangerous-ransomware-attacks-in-the-last-5-years-1653471113884">Most dangerous ransomware attacks in the last 5 years</a> As per DownDetector, the service has not been working for multiple users since since 9:45 am on Tuesday, May 25. Users from all over India including including Delhi, Jaipur, Lucknow, Mumbai, and Bengaluru&nbsp;took to Twitter to express their angst.&nbsp;

SpiceJet stated that ops were normalised, passengers took to Twitter to complain about delays and lack of information. 

SpiceJet faces ransomware attack, departure of morning flights affected

SpiceJet tweeted, “Certain SpiceJet systems faced an attempted ransomware attack last night that impacted and slowed down morning flight departures today. Our IT team has contained and rectified the situation and flights are operating normally now.” 

Airline stated that&nbsp;the attack slowed down its operations and impacted morning flight departures

<a href="https://www.editorji.com/india-news/amid-frequent-mid-flight-engine-shutdown-incidents-india-probing-3-cases-1653321718077">SpiceJet</a>&nbsp;informed of an attempted ransomware attack which occurred on Tuesday night, which slowed down its operations and impacted morning flight departures.
SpiceJet tweeted, &ldquo;Certain SpiceJet systems faced an attempted ransomware attack last night that impacted and slowed down morning flight departures today. Our IT team has contained and rectified the situation and flights are operating normally now.&rdquo;&nbsp;
Also read/watch| <a title="Oh SNAP! $160 billion wiped out, is the dream run over?" href="https://www.editorji.com/business-news/markets/oh-snap-160-billion-wiped-out-is-the-dream-run-over-1653446102280">Oh SNAP! $160 billion wiped out, is the dream run over?</a>
Even though <a href="https://www.editorji.com/business-news/spicejet-flight-halted-due-to-lack-of-payment-find-out-what-happened-1653019017695">SpiceJet</a>&nbsp;stated that ops were normalised, passengers took to Twitter to complain about delays and lack of information.&nbsp;

The bear attack has gripped Wall Street but this is not the end, famed 2008 crash caller Michael Burry issued a dire warning to his Twitter followers. :As I said about 2008, it is like watching a plane crash. It hurts, it is not fun, and I’m not smiling."— Cassandra B.C. (@michaeljburry) May 24, 2022Burry's financial crisis call was immortalized in Michael Lewis’s book “The Big Short”  raised the red flag to retail traders about a year ago that the “mother of all crashes” was coming.
Burry, who as a habit deletes his tweets shot warns investor as S&P 500 has posted seven straight weekly declines, the worst losing streak since 2001. And recent data is making matters worse. New home sales data tumbled over 16% in April while prices soared.US is facing its worst inflation in 40 years along with the rest of the world and central banks are coming out guns blazing with rate hikes to attack it. 

Investor who called 2008 crash says 2022 is a plane crash

Burry's&nbsp;bet against the housing market before the 2008 financial crisis was immortalized in Michael Lewis&rsquo;s book &ldquo;The Big Short"

The bear attack has gripped Wall Street but&nbsp;this is not the end, famed 2008 crash caller Michael Burry&nbsp;issued a dire warning to his Twitter followers. :As I said about 2008, it is like watching a plane crash. It hurts, it is not fun, and I&rsquo;m not smiling."&mdash; Cassandra B.C. (@michaeljburry)&nbsp;May 24, 2022
Burry's&nbsp;financial crisis call&nbsp;was&nbsp;immortalized in Michael Lewis&rsquo;s book &ldquo;The Big Short&rdquo;&nbsp; raised the red flag to retail traders about a year ago that the &ldquo;mother of all crashes&rdquo; was coming.
Burry, who as a habit deletes his tweets shot warns investor as S&amp;P 500 has posted seven straight weekly declines, the worst losing streak since 2001. And recent data is making matters worse. New home sales data tumbled over 16% in April while prices soared.
US is facing its worst inflation in 40 years along with the rest of the world and central banks are coming out guns blazing with rate hikes to attack it.&nbsp;

The new economic reality is hitting what was the 'pandemic party' where social media and tech stocks were not just host but the guests of honour. After Twitter, Meta, Snapchat shock is the latest blow to sinking social media stocks. Snap sharestumbled as much as 41%, wiping out $15 billion in wealth in a single session and the ripple effect was even worse. Facebook-owner Meta, Google-owner Alphabet , Twitter and peers saw as much as $160 billion worth of marketcap eroded.Ad-dependent Snapchat told investors won’t meet prior forecasts for revenue and profit as it noted a rapid deterioration of the economic environment.

Oh SNAP! $160 billion wiped out, is the dream run over?

Snapchat&nbsp;shares tumbled as much as 41%, their biggest intraday decline&nbsp;

The new economic reality is hitting what was the 'pandemic party' where social media and tech stocks were not just host but the guests of honour.&nbsp; After Twitter, Meta, Snapchat&nbsp;shock is the latest blow to sinking social media stocks. Snap sharestumbled as much as 41%, wiping out $15 billion in wealth in a single session and the ripple effect was even worse.&nbsp;Facebook-owner Meta, Google-owner Alphabet , Twitter and peers saw as much as $160 billion worth of marketcap&nbsp;eroded. Ad-dependent Snapchat&nbsp;told investors won&rsquo;t meet prior forecasts for revenue and profit as it noted a rapid deterioration of the economic environment.
Also read/watch | <a href="https://www.editorji.com/business-news/snapchat-warns-the-picture-is-not-looking-good-slashes-hiring-and-outlook-1653372971935" target="_blank">Snapchat warns the picture is not looking good! slashes hiring and outlook</a>

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