Years when stock market crash

- A + A SYDNEY (May 16): Asian share markets were struggling to sustain even a minor rally on Monday, after shockingly weak data from China underlined the deep damage lockdowns were doing to the world's second-largest economy. China's April retail sales plunged 11.1% on the year, almost twice the drop forecast, while industrial output dropped 2.9% when analysts had looked for a slight increase. The risks had been to the downside, given new bank lending in China hit the lowest in nearly four and half years in April. China's central bank also disappointed those hoping for a rate easing, though Beijing on Sunday did allow a further cut in mortgage loan interest rates for some home buyers. News that Shanghai was relaxing some of its lockdown restrictions offered only cold comfort to investors. Chinese blue chips shed 0.4% in reaction while commodity currencies took a knock led by the Australian dollar, which is often used as a liquid proxy for the yuan. MSCI's … [Read more...] about Asia stocks struggle after dire China data

The Elon Musk/Twitter drama continues. In a surprising announcement, Musk has revealed his deal to buy Twitter for $44 billion is now on hold. The news has sent Twitter shares plummeting in pre-market trading. TWTR is down over 18% as of the time of this writing. advertisement The latest twist in the saga broke when Musk tweeted , “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” The tweet linked to a May 2 Reuters article , which reported that Twitter estimated fewer than 5% of its monetizable daily active users (MDAUs) during the most recent quarter were fake or spam accounts. Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users https://t.co/Y2t0QMuuyn — Elon Musk (@elonmusk) May 13, 2022 Musk’s planned acquisition of Twitter is perhaps the most contentious in tech history. The … [Read more...] about Elon Musk says his deal to buy Twitter is ‘on hold,’ sending TWTR shares crashing

Representative image The country’s apex laboratory has cleared more than 10 crore doses of Covovax, another Covid-19 vaccine by the Serum Institute of India, for exports even as India gears up to roll out the shots to inoculate teenagers, News18.com has learnt. According to government data, the Central Drugs Laboratory (CDL) in Kasauli, Himachal Pradesh has so far approved a little over 10 crore doses of Covovax for the purpose of exports as the vaccine was facing delay in approvals in India. ALSO READ: SII's COVID-19 vaccine Covovax now available for 12-17 age group at private centres While Adar Poonawalla, Chief Executive Officer of Pune-based vaccine maker SII, blamed the government for the delay in launch of his vaccine Covovax, he emphasised that it is the only vaccine manufactured in India that is also sold in Europe and has an efficacy of 90%. The CDL is now expecting the arrival of new batches that can be used for the inoculation drive in India. "With the new … [Read more...] about Covid-19: 10 crore doses of SII’s Covovax approved for exports by govt lab, stock rolled out for teens

Pallav Maheshwari said his father was severely injured in an Ola electric scooter accident. (Image credit: Ola-Electric/Facebook, pallav-maheshwari/LinkedIn) A Jodhpur man has flagged a software bug in Ola electric scooters after his father suffered a severe head injury in an accident. Pallav Maheshwari wrote that a software bug in Ola electric is causing its scooters to go in reverse mode at full speed. This is a known issue in Ola scooters and has been flagged multiple times in the past – just last month, a Twitter user wrote of how his scooter switched to reverse mode and ended up crashing. Something similar happened to Maheshwari’s 65-year-old father, who bringing the scooter inside his house to park. “The software bug in the #olaelectric scooter of going in the reverse mode at full speed has severely injured my father,” Maheshwari wrote in a LinkedIn post. Describing the extent of his father’s injuries, who needed 10 stitches on his head, Maheshwari continued: … [Read more...] about 65-year-old severely injured in Ola electric scooter accident. Son flags software bug

Share to Twitter Share to Linkedin Shanghai will gradually allow shopping malls, vegetable markets and hair salons to reopen starting tomorrow after weeks of closure to ward off Covid-19, state-run Xinhua News Agency reported today. “Shanghai has been vigorously promoting the opening of business outlets and the return of personnel to ensure supply of daily necessities,” the Xinhua report said, citing comments by Shanghai Vice Mayor Chen Tong at a media briefing. Lockdowns in the business hub of 26 million have disrupted supply chains, investment, staffing and transportation in the world’s second-largest economy. Foreign businesses with operations in the city include Tesla, Volkswagen and Johnson & Johnson; a government report last year said the city has 61,090 foreign-invested businesses. The city is home to U.S.-listed Chinese companies including Bilibili, Pinduoduo, Trip.com and Huazhu. Lockdown fallout has spilled over from Shanghai itself into the … [Read more...] about Covid-Hit Shanghai To Allow Gradual Reopening Of Malls And Markets, Xinhua Says

New C-Class Mercedes-Benz, the country’s largest maker of luxury cars by volume, recently launched its entry-level premium sedan the C-class at a price that’s higher than ever before, but the Stuttgart-based auto major doesn’t see that as a barrier to pushing sales and driving volumes. Instead, its executives say that its product portfolio, which it claims is the widest in the category, combined with its transparent pricing mechanism, is future-proofing its business model, and prepping it for even higher sales. Mercedes-Benz India reported sales of 11,242 cars and SUVs in 2021, cementing it at the top of the luxury segment for the seventh year running and giving it a market share of around 41 percent. For Q1 this year, the company says it has already sold around 4,022 units. In terms of its range of products, Mercedes claims the largest selection in the Indian market. “We have the broadest portfolio of any manufacturer in India,” Martin Schwenk, Mercedes-Benz India’s CEO, … [Read more...] about Mercedes-Benz tackles tough market with wide portfolio, transparent pricing

Representative image Health may be wealth but the fear of ill health has proved to be strong medicine for the medical insurance industry. The total health insurance premium collected in India grew by a whopping 25 percent in just a year, possibly due to the huge rush by people to protect themselves and their families from catastrophic out-of-pocket medical expenses arising from the COVID-19 pandemic and increase in the premium cost. A paper titled Health Insurance in 2042: Challenges and Opportunities prepared by the National Insurance Academy under the Union finance ministry has revealed that while Rs 58,572 crore was collected in 2020-21 as health insurance premium by insurance companies, this figured jumped to Rs 73,330 crore in the next financial year. The first quarter of fiscal 2021 was marked by the devastating second wave of the COVID-19 pandemic which saw the maximum number of hospitalisations and deaths across the country. The paper released at a PHD … [Read more...] about Health insurance premium collected in India grew 25% during peak COVID year

Share to Twitter Share to Linkedin Topline An 18-year-old man accused of killing 10 people in a racially motivated shooting Saturday in Buffalo drew police attention last year after making a threatening statement at his high school, and was given a mental health evaluation at the time, Buffalo Police Commissioner Joseph Gramaglia said at a Sunday press conference. Key Facts Payton S. Gendron of Conklin, New York, was arrested yesterday and charged with shooting 13 people—10 fatally—at a Tops Friendly Market store, in what FBI Special Agent Steve Belongia described as a hate crime perpetrated by a racist extremist. Gendron allegedly visited Buffalo on Friday to do reconnaissance in what was apparently the first time he had visited the city, which is 168 miles from Conklin, Gramaglia said. Gendron was not on law enforcement’s radar at the time of the shooting, but he was brought in by police for a mental health evaluation after making a … [Read more...] about Buffalo Shooting Suspect Made ‘Generalized Threat’ At School Last Year, Police Say

Share to Twitter Share to Linkedin Fortunes rise and fall in the volatile world of cryptocurrency, but over the last few weeks, they’ve only moved in one direction—down. The total value of all outstanding cryptocurrency tokens is down over 26%, and Bitcoin is down 25% since March 11, when Forbes counted 19 crypto billionaires . Now, just 16 are billionaires, Forbes estimates. For moguls whose net worths are hitched to token prices and publicly traded stocks of crypto firms, it’s been a difficult few weeks. Eleven of the industry’s wealthiest individuals have collectively lost nearly $60 billion, Forbes calculates, as the plunge in crypto erased nearly $400 billion in market value. One person accounted for the vast majority of that loss. Binance CEO Changpeng Zhao (CZ) was the industry’s wealthiest person in March with an eye-popping $65 billion fortune. (Binance previously announced it plans to invest in Forbes through a special purpose … [Read more...] about Crypto’s Richest Lost Nearly $60 Billion In Recent Weeks In Massive Crypto Collapse

Share to Twitter Share to Linkedin UMC, Taiwan’s No. 2 contract chip maker after TSMC, is pairing up with Toyota-backed car-parts supplier Denso to make semiconductors in Japan and meet growing global demand in the automotive sector. United Semiconductor Japan Co. (USJC), UMC’s Japanese subsidiary, announced late last month that it is building a production plant for power chips that control the flow and direction of electric current with Denso, which is part-owned by the world’s largest car maker by sales. “Semiconductors are becoming increasingly important in the automotive industry as mobility technologies evolve, including automated driving and electrification,” Denso president Koji Arima said in the announcement. “Through this collaboration, we contribute to the stable supply of power semiconductors and electrification of automobiles.” “It should be positive news,” says Brady Wang, Taipei-based associate director with market research firm … [Read more...] about Taiwan’s No. 2 Chip Maker Teams Up With Car Parts Giant To Make Semiconductors In Japan