Pakistan in the headlines but the news grim as the economy faces a complete collapse. The govt is hoping that the IMF will lift the suspension and provide the much needed financial assistance to keep the country afloat. The foreign exchange reserves with the govt has dwindled to $10 billion, just enough to cover imports up to 2 months and if you take out the gold and look at just the liquid reserves it is barely enough to cover 1 month of imports. The govt is overshooting expenditure and running out of money. The fiscal deficit could hit $30 bn, or about 8.8% of GDP by the end of this quarter. High subsidies, not passing on petrol price hikes, low tax collection from the rich and political turmoil has taken a severe toll on the finances. Add to that mounting debt and inability to get funds as international debt market remain virtually shut. Adding to the repayment pressure, Pakistan also owes China $4.3 bn in short-term loans in addition to the expensive loans to finance the power plants built under the China-Pakistan Economic Corridor programme. The new government hopes to stop the bleeding with an enhanced IMF package and more short-term loans from allies China and Saudi Arabia. Meanwhile it rolls out big rate hikes to battle high inflation which now is clocking above 13% and likely to escalate to 30% as per some experts. 

Pakistan's economy at the bring of collapse! Will IMF rescue it?

Pakistan faces bankruptcy, funds to cover only 2 months of imports

Pakistan and IMF have been negotiating over $3 billion from a loan program

Pakistan in the headlines but the news grim as the economy faces a complete collapse. The govt is hoping that the IMF&nbsp;will lift the suspension and provide the much needed financial assistance to keep the country afloat.&nbsp; The foreign exchange reserves with the govt has dwindled to $10 billion, just enough to cover imports up to&nbsp;2 months and if you take out the gold and look at just the liquid reserves it is barely enough to cover 1 month of imports. The govt is overshooting expenditure and running out of money. The fiscal deficit could hit $30 bn, or about 8.8% of GDP by the end of this quarter.&nbsp;
Also read/watch| <a title="Tomatoes hit a century! Prices turn consumers red in anger" href="https://www.editorji.com/business-news/personal-finance/tomatoes-hit-a-century-prices-turn-consumers-red-in-anger-1653549844226">Tomatoes hit a century! Prices turn consumers red in anger</a> High subsidies, not passing on petrol price hikes, low tax collection from the rich and political turmoil has taken a severe toll on the finances. Add to that mounting debt and inability to get funds as international debt market remain virtually shut. Adding to the repayment pressure,&nbsp;Pakistan also owes China $4.3 bn in short-term loans in addition to the expensive loans to finance the power plants built under the China-Pakistan Economic Corridor programme.&nbsp; The new government hopes to stop the bleeding with an enhanced IMF package and more short-term loans from allies China and Saudi Arabia. Meanwhile it rolls out big rate hikes to battle high inflation which now is clocking above 13% and likely to escalate to 30% as per some experts.&nbsp;

Infosys has rewarded CEO Salil Parekh with a 88% pay hike, making his compensation soar from Rs 42 crore to Rs 79 crore as per the annual report filing. With almost 97% of the hike based on performance variable the annual filing goes into great detail to justify this gigantic jump. "Under Salil’s leadership 1 , the Company’s Total Shareholder Return (TSR) was an impressive 314%, the highest among peers The revenue growth of the Company under Salil’s leadership has accelerated and grown from `70,522 crore (fiscal 2018) to `1,21,641 crore (fiscal 2022), a CAGR of 15% (prior four years CAGR 9%) and the profits have also increased from `16,029 crore to `22,110 crore", the report said.Parekh has been the Chief Executive Officer and Managing Director of Infosys since Jan 2018 and took over a difficult time for the tech major. However a turnaround has been scripted and that is reflecting in the market bets over the last 5 years with its shares rallying 187 per cent, and its market value rising by nearly Rs 4 lakh crore.

Infosys CEO gets a mega hike, this is how much he makes after a 88% jump

Parekh has been the Chief Executive Officer and Managing Director of Infosys since Jan 2018 and took over a difficult time for the tech major. However a turnaround has been scripted and that is reflecting in the market bets over the last 5 years with its shares rallying 187 per cent, and its market value rising by nearly Rs 4 lakh crore.

Infosys CEO Salary Hike: Salil Parekh gets a big hike in compensation, jumps to Rs 79 crore year from Rs 42 crores

Almost 97% of the increase in the proposed annual remuneration is linked to performance.

Infosys&nbsp;has rewarded CEO&nbsp;Salil&nbsp;Parekh&nbsp;with a 88% pay hike, making his compensation soar from Rs 42 crore&nbsp;to Rs 79 crore as per the annual report filing.&nbsp;
Also read/watch| <a title="Terra LUNA 2.0: Collapse to resurrection, meet the new crypto avatar" href="https://www.editorji.com/business-news/cryptocurrency/terra-luna-2-0-collapse-to-resurrection-meet-the-new-crypto-avatar-1653532939822">Terra LUNA 2.0: Collapse to resurrection, meet the new crypto avatar</a> With almost 97% of the hike based on performance variable the annual filing goes into great detail to justify this gigantic jump.&nbsp; "Under Salil&rsquo;s leadership 1 , the Company&rsquo;s Total Shareholder Return (TSR) was an impressive 314%, the highest among peers The revenue growth of the Company under Salil&rsquo;s leadership has accelerated and grown from `70,522 crore (fiscal 2018) to `1,21,641 crore (fiscal 2022), a CAGR of 15% (prior four years CAGR 9%) and the profits have also increased from `16,029 crore to `22,110 crore", the report said. Parekh&nbsp;has been the Chief Executive Officer and Managing Director of Infosys since Jan 2018 and took over a difficult time for the tech major. However a turnaround has been scripted and that is reflecting in the market bets over the last 5 years with its shares rallying 187 per cent, and its market value rising by nearly Rs 4 lakh crore.

'Terra 2.0 is coming', LUNA's official Twitter account posted on Wednesday as the hot crypto project is set to launch the next version of its digital token after a drastic failure a few weeks back.
The new token is set to launch on May 27, as per its blog post on Terra Ecosystem Revival Plan 2. It will effectively create a new Terra chain without the algorithmic stablecoin. The old chain will be called Terra Classic (token: $LUNC), and the new chain will be called Terra (token: $LUNA).
New LUNA tokens will be airdropped across LUNA Classic stakers, LUNA Classic holders, residual UST holders, and essential app developers of Terra Classic, it said in a Tweet.
The world's biggest crypto exchange Binance also supported the news as it tweeted, "The Terra community just passed a vote to ‘Rebirth Terra Network’. We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment."
A few weeks back Terra's stable coin UST became unpegged to fiat and leading to a 100 percent fall in the value of its native token LUNA.

Terra LUNA 2.0: Collapse to resurrection, meet the new crypto avatar

A new token of Terra LUNA is set to be launched on May 27 that will effectively create a new Terra chain without the algorithmic stablecoin.

New crypto avatar: Terra LUNA 2.0

News LUNA tokens will be airdropped across the pre-attack LUNA Classic stakers and&nbsp;holders.

'Terra 2.0 is coming', LUNA's official Twitter account posted on Wednesday as the hot&nbsp;crypto project is set to launch the next version of its digital token after a drastic failure a few weeks back which sent the entire crypto&nbsp;universe in a tizzy.&nbsp;
The new token is set to launch on May 27, as per its blog post on Terra Ecosystem Revival Plan 2.&nbsp;It will effectively create a new Terra chain without the algorithmic stablecoin. The old chain will be called Terra Classic (token: $LUNC), and the new chain will be called Terra (token: $LUNA).
Also read/watch| <a title="Infosys CEO gets a mega hike, this is how much he makes after a 88% jump" href="https://www.editorji.com/business-news/infosys-ceo-salary-hike-salil-parekh-gets-a-big-hike-in-compensation-jumps-to-rs-79-crore-year-from-rs-42-crores-1653541864253">Infosys CEO gets a mega hike, this is how much he makes after a 88% jump</a>
New LUNA tokens will be airdropped across LUNA Classic stakers, LUNA Classic holders, residual UST holders, and essential app developers of Terra Classic, it said in a Tweet.
The world's biggest crypto&nbsp;exchange Binance also supported the news as it tweeted, "The Terra community just passed a vote to &lsquo;Rebirth Terra Network&rsquo;. We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment."
A few weeks back Terra's stable coin UST&nbsp;became unpegged to fiat and leading to a 100 percent fall in the value of its native token LUNA.&nbsp;The crash of these two coins has been compared to a mini 2008 financial crisis within the crypto eco-system, with their collapse having a knock-on effect on other digital coins and projects, wiping billions of dollars off the market.

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>

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;

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State-owned Punjab National Bank on Tuesday reported a net loss of ₹4,750 crore in the fourth quarter ending on 31st March against analysts' estimates of net profit of ₹250 cr. The bank's net loss reduced considerably from the corresponding quarter last year while its net income increased as its provisions fell significantly to ₹7,611 crore. PNB also reported significant improvement in its asset quality as net NPAs fell to 6.56% from 8.22% while gross NPAs also reduced to 15.5%. 

State-owned Punjab National Bank on Tuesday reported a net loss of ₹4,750 crore in the fourth quarter ending on 31st March against analysts' estimates of net profit of ₹250 cr. The bank's net loss reduced considerably from the corresponding quarter last year while its net income increased as its provisions fell significantly to ₹7,611 crore. PNB also reported significant improvement in its asset quality as net NPAs fell to 6.56% from 8.22% while gross NPAs also reduced to 15.5%. 

Moody's Investors Service slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high prices as the main culprit.&nbsp;
Moody's stated that the&nbsp;rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead. It also added that rate hikes to prevent energy and food inflation from becoming more generalized will slow the demand recovery's momentum.&nbsp;"We have lowered our calendar-year 2022 growth forecast for India to 8.8 per cent from our March forecast of 9.1 per cent, while maintaining our 2023 growth forecasts at 5.4 per cent,&rdquo; Moody's said.
Earlier this month, S&amp;P Global Ratings had cut India's growth projection for 2022-23 to 7.3 per cent, from 7.8 per cent earlier, on rising inflation and longer-than-expected Russia-Ukraine conflict.
In March, Fitch had cut India growth forecast to 8.5 per cent, from 10.3 per cent, citing sharply high energy prices on account of Russia-Ukraine war.India has seen 13 consecutive month of double digit inflation on WPI&nbsp;and the CPI as well has been above the RBI's&nbsp;threshold for 4 months prompting out of turn rate hikes.&nbsp;
&nbsp;

Moody’s slashes India’s GDP forecast due to high prices

&ldquo;We have lowered our calendar-year 2022 growth forecast for India to 8.8 per cent from our March forecast of 9.1 per cent."

Moody's Investors Service slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high prices as the main culprit.&nbsp;
Moody's stated that the&nbsp;rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead. It also added that rate hikes to prevent energy and food inflation from becoming more generalized will slow the demand recovery's momentum.&nbsp; "We have lowered our calendar-year 2022 growth forecast for India to 8.8 per cent from our March forecast of 9.1 per cent, while maintaining our 2023 growth forecasts at 5.4 per cent,&rdquo; Moody's said.
Earlier this month, S&amp;P Global Ratings had cut India's growth projection for 2022-23 to 7.3 per cent, from 7.8 per cent earlier, on rising inflation and longer-than-expected Russia-Ukraine conflict.
In March, Fitch had cut India growth forecast to 8.5 per cent, from 10.3 per cent, citing sharply high energy prices on account of Russia-Ukraine war. India has seen 13 consecutive month of double digit inflation on WPI&nbsp;and the CPI as well has been above the RBI's&nbsp;threshold for 4 months prompting out of turn rate hikes.&nbsp; 
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Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another! Car insurance prices for four-wheeler and two-wheeler owners are likely to be increased from June 1 this year. The speculation comes as the ministry of road transport and highways (MoRTH) will increase the third-party motor insurance premium for various categories of vehicles. 
As per the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Meanwhile, cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890. Two-wheeler with a 150cc-350 cc engine capacity will attract a premium of Rs 1,366 and for two-wheelers, over 350 cc the revised premium will be Rs 2,804.The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol.

Cars, two-wheelers set to become expensive

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another!

Govt announces insurance premium hike

The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another!&nbsp;Car insurance prices for four-wheeler and two-wheeler are going to increase from June 1 this year.
The Ministry of Road Transport and Highways has issued a notification announcing an increase in the third-party motor insurance premium for various categories of vehicles.
Also read/watch| <a title="Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot" href="https://www.editorji.com/business-news/twitter-twists-jack-dorsey-off-the-board-another-musk-backer-gets-the-boot-1653558018806">Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot</a>
As per the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Meanwhile, cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890.
Two-wheeler with a 150cc-350 cc engine capacity will attract a premium of Rs 1,366 and for two-wheelers, over 350 cc the revised premium will be Rs 2,804.
The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol.

In a big crackdown on digital lending after rising number of complaints and fraud the Reserve Bank of India cancelled licenses for 5 non-bank financiers. The RBI stated that these NBFCs were engaged in digital lending were in violation guidelines. These non-banking financial companies (NBFCs) used to run apps and service providers like Fastapp Technologies Private Ltd, Datimes Pvt Ltd, Bullintech Finance Pvt Ltd, TGHY Trustrock Pvt Ltd, Mrupee, Kush Cash, Karna Loan, Mr Cash, FlyCash, More, Wifi Cash, Badabro, Aeritech Pvt Ltd, Finclub Technologies Pvt Ltd, MoNeed, MoMo, CashFish, Kredipe, RupeeLand and Rupee Master.The action comes as the central bank has repeatedly warned customers against the questionable digital money lending entities that promise loans in seconds. Some of the lending apps under the lens have been charging exorbitant rates of interest on 'instant loans', and then use muscle powers to recover dues.Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a November 2021 report by the Reserve Bank of India.Sachet, a portal to file complaints with the RBI, received 2,562 complaints of lending apps promoted by unregulated entities between January 2020 and March 2021. Google Play store had removed over 205 such apps as of November 2021.

Beware of online lending apps! RBI cancels licenses of instant loan providers

The non-bank lenders whose licences were cancelled by RBI on&nbsp; include, UMB Securities, Anashri Finvest, Chadha Finance Private, Alexcy Tracon&nbsp;and Jhuria Financial Services

In a big crackdown on digital lending after rising number of complaints and fraud the Reserve Bank of India cancelled licenses for 5&nbsp;non-bank financiers. The RBI&nbsp;stated that these NBFCs&nbsp;were engaged in digital lending were in violation guidelines.&nbsp; These non-banking financial companies (NBFCs) used to run apps and service providers like Fastapp Technologies Private Ltd, Datimes Pvt Ltd, Bullintech Finance Pvt Ltd, TGHY Trustrock Pvt Ltd, Mrupee, Kush Cash, Karna Loan, Mr Cash, FlyCash, More, Wifi Cash, Badabro, Aeritech Pvt Ltd, Finclub Technologies Pvt Ltd, MoNeed, MoMo, CashFish, Kredipe, RupeeLand and Rupee Master.
Also read/watch| <a title="Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot" href="https://www.editorji.com/business-news/twitter-twists-jack-dorsey-off-the-board-another-musk-backer-gets-the-boot-1653558018806">Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot</a> The action comes as the central bank has repeatedly warned customers against the questionable digital money lending entities that promise loans in seconds. Some of the lending apps&nbsp;under the lens have been charging exorbitant rates of interest on 'instant loans', and then use muscle powers to recover dues. Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a&nbsp;November 2021 report&nbsp;by the Reserve Bank of India. Sachet, a portal to file complaints with the RBI, received 2,562 complaints of lending apps promoted by unregulated entities between January 2020 and March 2021. Google Play store had removed over 205 such apps as of November 2021.

Jack Dorsey is no longer a board member at Twitter, this marks an end of a 'formal and executive' role for the co-founder with the app he founded in 2006. Dorsey who has been a director since 2007  did not stand for reinstatement as he had declared in November he would be stepping down as he handed over CEO reigns to Parag Agrawal. Dorsey’s exit marks the first time in Twitter’s history that none of its co-founders is working at the company, or sitting on the board.The microblogging site is facing extreme turmoil with a takeover from the world's richest man Elon Musk. Meanwhile Musk backer, Egon Durban, the co-Chief Executive Officer of private equity firm Silver Lake, failed to get enough votes for re-election to the board during the company’s annual shareholder meeting as well. 

Twitter twists: Jack Dorsey off the board, Musk backer gets the boot

Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot

Twitter Inc. director Egon Durban failed to get the votes to stay on the social media platform's board.&nbsp;

Jack Dorsey is no longer a board member at Twitter, this marks an end of a 'formal and executive' role for the co-founder with the app he founded in 2006.&nbsp;
Also read/watch|&nbsp;<a title="Beware of online lending apps! RBI cancels licenses of instant loan providers" href="https://www.editorji.com/business-news/personal-finance/beware-of-online-lending-apps-rbi-cancels-licenses-of-instant-loan-providers-1653560268638">Beware of online lending apps! RBI cancels licenses of instant loan providers</a>
 Dorsey who has been a director since 2007&nbsp; did not stand for reinstatement as he had declared in November he would be stepping down as he handed over CEO&nbsp;reigns to Parag&nbsp;Agrawal.&nbsp;Dorsey&rsquo;s exit marks the first time in Twitter&rsquo;s history that none of its co-founders is working at the company, or sitting on the board. The microblogging site is facing extreme turmoil with a takeover from the world's richest man Elon&nbsp;Musk. Meanwhile Musk backer, Egon Durban, the co-Chief Executive Officer of private equity firm Silver Lake, failed to get enough votes for re-election to the board during the company&rsquo;s annual shareholder meeting as well.&nbsp;

After oil, lemons and wheat now tomatoes are jeopardising the common man's kitchen budget!While cherry tomato is being sold at 360 per kg in the national capital region, in many cities its prices have reached Rs 100 for regular tomatoes amid shortfall in supply.Apart from tomatoes, prices of wheat, oil, sugar and spices have also gone costlier. 
While the retail prices of atta have shot up to Rs 32.91 per kg from Rs 28.8 per kg, lemon prices have also risen to Rs 350 per kg in Delhi.  
Prices of spices have surged, led by cumin.  Prices of cumin or jeera, the second most widely consumed spice, have shot up to a five-year high, as output has shrunk by a third. 
 
 

Tomatoes hit a centuru! Prices turn consumers red in anger

After oil, lemons and wheat, tomatoes are now jeopardising the common man's kitchen budget!


Tomatoes hit a century! Prices turn consumers red in anger

Amid the shortage of supply, the tomato prices have reached Rs 80 to Rs 100 per Kg

Move aside lemons, tomatoes are taking over the shocking price spotlight as prices soar to Rs 100/kilo in the retail market. Shortage in supply and unpredictable weather conditions have led to a huge price in the prices of this essential vegetable.&nbsp; Wholesale prices of tomatoes in Chennai are in the range of Rs 80 to Rs 95 and are expected to rise only due to heavy rainfall in both Andhra and Karnataka. Meanwhile, the gourmet option i.e. the cherry tomato is being sold at 360 per kilo by various delivery apps.&nbsp;
Also read/watch| <a title="Pakistan faces bankruptcy, funds to cover only 2 months of imports" href="https://www.editorji.com/business-news/economy/pakistan-faces-bankruptcy-funds-to-cover-only-2-months-of-imports-1653549270203">Pakistan faces bankruptcy, funds to cover only 2 months of imports</a> Apart from tomatoes, prices of wheat, oil, sugar and spices have also gone costlier.&nbsp;
While the retail prices of&nbsp;atta&nbsp;have shot up to Rs 32.91 per kg from Rs 28.8 per kg, lemon prices have also&nbsp;risen to Rs 350 per kg in Delhi.&nbsp;&nbsp;
Prices of spices have surged, led by cumin.&nbsp;&nbsp;Prices of cumin or jeera, the second most widely consumed spice, have shot up to a five-year high, as output has shrunk by a third.&nbsp;
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