Name: Top losers: Auto stocks are among top losers in early trade
Uploaded: 2019-03-27T09:39:42.000+05:30
Duration: T00M14S
Channel: Editorji News Desk
Description: Tech Mahindra and Hero MotoCorp are among top losers in early trade

From outrage on the treatment of a special needs child, to the viral video of a woman in a panic attack when denied boarding and flight delays due to payment problems and ransomware attacks - all of these are adding to the angst faced by travellers in India as services from airlines see a sharp decline as per a survey. Bloomberg reports that LocalCircles surveyed 15,000 airline passengers and 79% of the respondents believe carriers in India are compromising on passenger comfort and cutting corners. Flight delays, terrible in-flight service, bad boarding procedures and dilapidated aircraft interiors are the top reasons cited by passengers. With 28% of respondents deemed SpiceJet's services most unsatisfactory. Next on the list is the country’s biggest airline with a 55% market share, IndiGo with 18% respondents unhappy. Tata Group's Vistara stood out with only 2% unhappy but the conglomerate can not rest easy as 14% complained about Air India's experience. Already struggling with record high fuel prices and uncertain demand topped now with falling share with two airlines set to take off , the Indian aviation industry has to stay buckled up for turbulence ahead. 

15,000 airline passengers surveyed by LocalCircles

Unhappy with you airline! This airline fared the worst in a customer survey

15,000 airline passengers surveyed by LocalCircles&nbsp;for Bloomberg

From outrage on the treatment of a special needs child, to the viral video of a woman in a panic attack when denied boarding and flight delays due to payment problems and ransomware attacks - all of these are adding to the angst faced by travellers in India as services from airlines see a sharp decline as per a survey.&nbsp; Bloomberg reports that LocalCircles surveyed 15,000 airline passengers and&nbsp;79% of the respondents&nbsp;believe carriers in India are compromising on passenger comfort and cutting corners.&nbsp; Flight delays, terrible in-flight service, bad boarding procedures and dilapidated&nbsp;aircraft interiors are the top reasons cited by passengers. With 28% of respondents deemed&nbsp;SpiceJet's&nbsp;services most unsatisfactory. Next on the list is&nbsp;the country&rsquo;s biggest airline with a 55% market share,&nbsp;IndiGo&nbsp;with 18% respondents unhappy. Tata&nbsp;Group's Vistara&nbsp;stood out with only 2% unhappy but the conglomerate can not rest easy as 14% complained about Air India's experience.&nbsp; Already struggling with record high fuel prices and uncertain demand topped now with falling share with two airlines set to take off , the Indian aviation industry has to stay buckled up for turbulence ahead.&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. 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;

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.

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;

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;

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.

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


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

Shocking Inflation: This country went from breadbasket to beggar

Shocking Inflation: This country went from breadbasket to beggar.

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

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

Meet Gautam Adani, not just India's but also Asia's richest man that has decisively broken into the top 10 rich list racing ahead of Mukesh Ambani, Oracle founder Larry Ellison and also Meta founder Mark Zuckerberg. Adani's Assets Runs and manages 7 out of the 8 PPP airports in IndiaIndia’s largest private power producer Largest solar power producer in India. The Adani Group is an Indian multinational

Gautam Adani; solar, cement, power, airports - this billionaire now has it all

Meet Gautam Adani, not just India's but also Asia's richest man, who has decisively broken into the top 10 rich list racing ahead of Mukesh Ambani, Oracle founder Larry Ellison and also Meta founder Mark Zuckerberg. 


Adani's Assets!

The Adani Group was founded by Gautam Adani in the year 1988 as a commodity trading business, with the flagship company Adani Enterprises Limited.&nbsp;

Meet Gautam&nbsp;Adani, a self made billionaire who in a span of under 4 decades has become&nbsp;not just India's but also Asia's richest man. Adani&nbsp;has decisively broken into the top 10 rich list racing ahead of&nbsp;Mukesh&nbsp;Ambani, Oracle founder Larry Ellison and also Meta founder&nbsp;Mark Zuckerberg. Ranked number 8, the chief of Adani&nbsp;conglomerate has seen his wealth swell $22 billion in just 5 months this year. That's a gain of Rs 31,100 cr a month or Rs 311 crores&nbsp;a day!!&nbsp;
Also read/watch|&nbsp;<a title="Ambuja and ACC shareholders - this is what the Adani acquisition means for you" href="https://www.editorji.com/business-news/markets/ambuja-and-acc-shareholders-this-is-what-the-adani-acquisition-means-for-you-1652690403586">Ambuja and ACC shareholders - this is what the Adani acquisition means for you</a> So what all does Gautam&nbsp;Adani&nbsp;own! The billionaire's focus on the 'Atmanirbhar&nbsp;Bharat' policy has yielded great results as the group is&nbsp;India&rsquo;s largest private power producer and also the largest solar power producer in India. Hailing from Gujarat this first-generation businessman became&nbsp;the boss of the first private port of India at Mundra,&nbsp;Adani&nbsp;is eyeing everything from water to air as the group runs and manages 7 out of the 8 PPP&nbsp;airports in India. From the cement (ACC, Ambuja)&nbsp;that build your homes to the oil that is cooking (Adani&nbsp;Wilmar) in your kitchen to the news on the move (Quintillion Business Media), Adani&nbsp;is present everywhere.&nbsp; And it is not just his kitty that is swelling the Adani&nbsp;pack has given shareholders much to cheer about as the market cap&nbsp;of the group soars to above $200 bn and recent listing giving 180% return to its investors.&nbsp;

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Aviation regulator DGCA on Saturday said it has imposed a fine of Rs 5 lakh on IndiGo airline for denying boarding to a child with a disability at Ranchi airport on May 7.
IndiGo had on May 9 said the boy was denied permission to board the Ranchi-Hyderabad flight as he was “visibly in panic”. As the boy was prohibited from boarding, his parents – who were accompanying him – also decided not to enter the plane.
The DGCA had on May 9 formed a three-member team to investigate the incident.
WATCH | IndiGo airline stops child with disability from boarding for 'panicking'; DGCA begins probe
"It has been observed that the handling of the special child by the Indigo ground staff was deficient and ended up exacerbating the situation," said a statement by the Directorate General of Civil Aviation (DGCA).
A more compassionate handling would have smoothened nerves, calmed the child and obviated the need for the extreme step resulting in denied boarding to the passengers, it mentioned.
Special situations deserve extraordinary responses but the airline’s staff failed to rise up to the occasion, and in the process, committed lapses in adherence to the letter and spirit of the Civil Aviation Requirements (regulations), it noted.
“In view of this, the competent authority in the DGCA has decided to impose a penalty of Rs 5 lakhs on the airline under the provisions of the relevant Aircraft Rules,” it mentioned. PTI DSP IJT

Indigo airlines fined Rs 5 lakh for denying boarding to child with disability

Aviation regulator DGCA&nbsp;found the handling of the child deficient

Aviation regulator DGCA on Saturday said it has imposed a fine of Rs 5 lakh on IndiGo airline for denying boarding to a child with a disability at Ranchi airport on May 7.
IndiGo had on May 9 said the boy was denied permission to board the Ranchi-Hyderabad flight as he was &ldquo;visibly in panic&rdquo;. As the boy was prohibited from boarding, his parents &ndash; who were accompanying him &ndash; also decided not to enter the plane.
The DGCA had on May 9 formed a three-member team to investigate the incident.
WATCH | <a href="https://www.editorji.com/india-news/indigo-airline-stops-child-with-disability-from-boarding-for-panicking-dgca-begins-probe-1652075968992" target="_blank">IndiGo airline stops child with disability from boarding for 'panicking'; DGCA begins probe</a>
"It has been observed that the handling of the special child by the Indigo ground staff was deficient and ended up exacerbating the situation," said a statement by the Directorate General of Civil Aviation (DGCA).
A more compassionate handling would have smoothened nerves, calmed the child and obviated the need for the extreme step resulting in denied boarding to the passengers, it mentioned.
Special situations deserve extraordinary responses but the airline&rsquo;s staff failed to rise up to the occasion, and in the process, committed lapses in adherence to the letter and spirit of the Civil Aviation Requirements (regulations), it noted.
&ldquo;In view of this, the competent authority in the DGCA has decided to impose a penalty of Rs 5 lakhs on the airline under the provisions of the relevant Aircraft Rules,&rdquo; it mentioned. PTI DSP IJT

The latest news from the crypto corner continues to be grim as risk appetite towards these new age tokens taking a hit. Bitcoin is down for an 8th straight week, now down 60% from its record high from November is not catching a break as the slide continues. Ether, the second-largest cryptocurrency, and other altcoins saw a steeped decline that Bitcoin as the risk appetite continues to decline. The bets in crypto remain centred around Bitcoin, accounting for 44% of the total market’s value.Crypto market has lost some $500 billion in market value so far in May, a 29% plunge.  

Crypto Collapse: 8th straight weekly loss for Bitcoin, crypto universe sees selling pressure growing

 Bitcoin is down for an 8th straight week, now down 60% from its record high from November is not catching a break as the slide continues. 


Crypto Collapse: 8th straight weekly loss for Bitcoin

Bitcoin is down almost 60% from its all-time high in November,&nbsp;

The latest news from the crypto&nbsp;corner continues to be grim as risk appetite towards these new age tokens taking a hit. Bitcoin&nbsp;is down for an 8th straight week, now&nbsp;down 60% from its record high from November is not catching a break as the slide continues.&nbsp; Ether, the second-largest cryptocurrency, and other altcoins&nbsp;saw a steeped decline that Bitcoin as the risk appetite continues to decline. The bets in crypto&nbsp;remain centred around Bitcoin, accounting for 44% of the total market&rsquo;s value. Crypto market has lost some $500 billion in market value so far in May, a 29% plunge. &nbsp;

The latest headline from US markets is that the bulls are back but will they stay? That is the big question even as the bulls celebrate a much needed win for the week with the US markets breaking the streak of losses.&nbsp;Snapping an 8 week long losing streak, the Dow finished up 6.2%, S&amp;P 500 is 6.5% higher and the Nasdaq is up 6.8% on the week. But these gains have come largely from the rally seen on Thursday and Friday.&nbsp;The S&amp;P 500 rose 2.5% to 4,158.24 Friday, erasing its loss for May. This rebound comes as after the S&amp;P 500 fell to the brink of a bear market, dropping&nbsp; 20% from recent high.&nbsp;All eyes remain on Fed's next action in June and the quantum of hikes that follow.&nbsp;

US Markets: S&P 500, Dow log best week since November 2020

Snapping an 8 week long losing streak, the Dow finished up 6.2%, S&P 500 is 6.5% higher and the Nasdaq is up 6.8% on the week. But these gains have come largely from the rally seen on Thursday and Friday

The S&amp;P 500 rose 2.5% to 4,158.24 Friday, erasing its loss for May.
&nbsp;

The latest headline from US markets is that the bulls are back but will they stay? That is the big question even as the bulls celebrate a much needed win for the week with the US markets breaking the streak of losses.&nbsp; Snapping an 8 week long losing streak, the Dow finished up 6.2%, S&amp;P 500 is 6.5% higher and the Nasdaq is up 6.8% on the week. But these gains have come largely from the rally seen on Thursday and Friday.&nbsp; The S&amp;P 500 rose 2.5% to 4,158.24 Friday, erasing its loss for May. This rebound comes as after the S&amp;P 500 fell to the brink of a bear market, dropping&nbsp; 20% from recent high.&nbsp; All eyes remain on Fed's next action in June and the quantum of hikes that follow.&nbsp;

Elon&nbsp;Musk, the self proclaimed Dogefather is boosting enthusiasm around the crypto coin as he tweeted that users can buy Tesla merchandise using the digital token.&nbsp;An ardent backer of the dogecoin&nbsp;Elon&nbsp;Musk has vocally supported the crypto&nbsp;coin on social media repeatedly. Though Tesla's ownership of Bitcoin&nbsp;which was a $1.5 bn investment in 2021 is publicly disclosed, how much Musk personally owns in any crypto is unknown.&nbsp;Netizens&nbsp;speculated that the world's richest man is pumping up the Doge price to be able to 'pump and dump' in order to fund part of the Twitter Takeover. As per reports Musk owns 36 billion DOGE - some 28.27% of the&nbsp;total circulation.Doge is near it's&nbsp; lowest levels since April 2021. The price is down around 50% from the end of year level and well below the all-time high from 2021 at 0.74 vs 0.08 right now.

Crypto Corner: Elon Musk, the Dogefather returns with boost for Doge and Tesla

The Dogefather returns, Is Elon Musk trying a pump and dump for the crypto coin? Netizens find latest move 'Dogey'

Crypto Corner: Elon Musk, the Dogefather returns

In a subtle nod to Mario Puzo's The Godfather, Elon Musk officially crowned himself "The Dogefather" last year

Elon&nbsp;Musk, the self proclaimed Dogefather is boosting enthusiasm around the crypto coin as he tweeted that users can buy Tesla merchandise using the digital token.&nbsp; An ardent backer of the dogecoin&nbsp;Elon&nbsp;Musk has vocally supported the crypto&nbsp;coin on social media repeatedly. Though Tesla's ownership of Bitcoin&nbsp;which was a $1.5 bn investment in 2021 is publicly disclosed, how much Musk personally owns in any crypto is unknown.&nbsp; Netizens&nbsp;speculated that the world's richest man is pumping up the Doge price to be able to 'pump and dump' in order to fund part of the Twitter Takeover. As per reports Musk owns 36 billion DOGE - some 28.27% of the&nbsp;total circulation. Doge is near it's&nbsp; lowest levels since April 2021. The price is down around 50% from the end of year level and well below the all-time high from 2021 at 0.74 vs 0.08 right now.

In the latest worry for SpiceJet&nbsp;the airline has informed that it is delaying it's quarterly earnings report due to the recent ransomware&nbsp;attack."We wish to inform you that we are expecting a delay in submission of audited standalone and consolidated financial results of the company for the financial year ended March 31, 2022, with stock exchange due to ransomware attack on our IT systems which has affected the completion of the audit process within the stipulated time." SpiceJet&nbsp;informed investors.&nbsp;Read/Watch Also: Top 5 ransomware&nbsp;attacks everThe airline has faced a flurry of issues from glitch in payments leading to flights being grounded to ransomware&nbsp;attack and also a recent survey highlighting that 28% of those surveyed by LocalCircles ranked SpiceJet&nbsp;lowest in their choice of brand for travel.&nbsp;

SpiceJet delays results due to ransomware attack, find out what was impacted

SpiceJet delays declaring results due to ransomware attack

SpiceJet airline said its systems faced an "attempted ransomware attack" on Tuesday

In the latest worry for SpiceJet&nbsp;the airline has informed that it is delaying it's quarterly earnings report due to the recent ransomware&nbsp;attack. "We wish to inform you that we are expecting a delay in submission of audited standalone and consolidated financial results of the company for the financial year ended March 31, 2022, with stock exchange due to ransomware attack on our IT systems which has affected the completion of the audit process within the stipulated time." SpiceJet&nbsp;informed investors.&nbsp; <a href="https://www.editorji.com/business-news/most-dangerous-ransomware-attacks-in-the-last-5-years-1653471113884">Read/Watch Also: Top 5 r</a><a href="https://www.editorji.com/business-news/most-dangerous-ransomware-attacks-in-the-last-5-years-1653471113884">ansomware&nbsp;attacks ever</a> The airline has faced a flurry of issues from glitch in payments leading to flights being grounded to ransomware&nbsp;attack and also a recent survey highlighting that 28% of those surveyed by LocalCircles ranked SpiceJet&nbsp;lowest in their choice of brand for travel.&nbsp;

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