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World’s 12th Richest City

 

69

What is it? The number of instances in the last 18 months in which IndiGo has replaced a faulty Pratt & Whitney engine on an Airbus A320neo operated by it.

Why is it important? On Saturday, after the European aviation regulator warned of a new issue with a particular type of Pratt & Whitney engines, IndiGo said it had grounded three affected planes. Further, Airbus had halted all deliveries of A320neos to IndiGo for now, it added. Fewer planes in operation and a slowdown in deliveries could pose challenges related to passenger management for India’s number one domestic airline.

Tell me more: Of the 157 aircraft in its fleet, 24 are Airbus A320neo, which is facing this particular engine issue, while 130 are A320-200 and 3 are ATR 72s.

 

3

What is it? The number of places gained by Punjab in a ranking of states for a Health Index crafted by Niti Aayog. As a result, it climbed from number 5 to number 2.

Why is it important? In these Health Index rankings for 2015-16, released on Friday, Punjab was one of the three states that gained several spots with reference to the base year. The other two were Jharkhand and Jammu & Kashmir, both of which gained 4 spots each, but much lower down in the rankings.

Tell me more: Releasing the Health Index report, NITI Aayog CEO Amitabh Kant said the government was next looking to come out with performance-based rankings of district hospitals by June 2018, the objective being to “encourage good performers, and name and shame those who don’t”.

 

$950 million

What is it? The total wealth of India’s financial capital Mumbai, according to a report by New World Wealth, a South Africa-based market research group. Total wealth here is defined as the private wealth held by all individuals in the city.

Why is it important? The report ranked Mumbai to be the 12th richest city globally. It was the only Indian city in the 15-city list, and was ranked above Frankfurt, Paris and Toronto. The list was topped by New York, with a wealth of $3 trillion, followed by London ($2.7 trillion) and Tokyo ($2.5 trillion). Mumbai also had 28 dollar billionaires, placing it among the top 10 cities in the world in billionaire population.

Tell me more: New World Wealth ranked India as the 6th richest nation a few days ago, with a total wealth of $8.2 trillion. But this income and wealth is lopsided in its distribution: according to the World and Income Database, the share of the top 1% in national income has increased from 6.1% in 1982 to 21.7% in 2013.

 

$5,947

What is it? The lowest value that Bitcoin registered last week. At one time, during a 24-hour period, the price of the leading cryptocurrency plummeted 28% to below $6,000, before recovering to above $8,000 levels by the end of the week.

Why is it important? The financial ecosystem is still figuring out cryptocurrencies and is increasingly veering towards control. On Sunday, International Monetary Fund chief Christine Lagarde said it was “inevitable” that cryptocurrencies would come under government regulation.

Tell me more: By one estimate, there are five million traders in crypto-currencies in India, which has said it does not recognise Bitcoin as legal tender.

 

4,309

What is it? The number of runs scored by Indian opening batsman Shikhar Dhawan after 100 one-day internationals, a milestone he completed on Saturday against South Africa.

Why is it important? Dhawan is the second-highest run-getter at the 100 ODI mark, after Hashim Amla of South Africa (4,808 runs). The 33-year-old has notched up 13 centuries and 25 half-centuries while averaging 46.33, proving to be a batsman to start strong at the international level and stay the course in the medium-term.

Tell me more: Virat Kohli, who is on course to rewrite many batting records in ODIs, was seventh on this list, with 4,107 runs. In Saturday’s match, Kohli passed Mohammad Azharuddin to climb to number five in ODI runs among Indians and number 18 overall.

 

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Chart of the Day | Airbnb’s Mumbai listings double in 6 months, but at what price?

It’s the scour of budget hotels in many developed countries. Now, Airbnb, the online marketplace for listing and renting vacation homes, is making its move in India, and the first results are there to see. Between February and August 2016, a six-month period during which Airbnb bought full-page ads in newspapers and television spots, its number of active listings in Mumbai has risen 91% to 1,176 properties. Mumbai is the only city for which Airbnb puts out data.

This increase in supply might be impacting prices. The revenue per available room on the category of ‘entire houses’, which accounts for 36% of Airbnb Mumbai listings, is down from $38 in February to $27 in June, the latest available. This could be partly due to seasonality: tourist inflow into Mumbai dips in monsoon months. But the June 2016 figure of $27 is lower than the $33 in June 2015, suggesting an increase in listings might be lowering prices.

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News in Numbers, June 3, 2016: Uber’s raises $3.5 billion, India’s internet users…

24

What is it? The number of people convicted of murder and other charges in the 2002 post-Godhra Gulberg society massacre by a special designated court on Thursday.

Why is it important? This brings justice to one of the series of riots that broke out in Gujarat in 2002. In this attack, which came a day after 60 Hindu pilgrims were killed in a train-burning incident, 69 Muslims were murdered.

Tell me more: Of those convicted, 11 were found to be guilty of murder while the rest for lesser charges. The court acquitted 36 defendants while four of the accused died while on trial.

 

$3.5 billion

What is it? The amount taxi hailing app Uber has raised from Saudi Arabia’s sovereign wealth fund.

 Why is it important? This is the company’s single biggest investment and the largest single investment in a startup. The San Francisco-based company now has $11 billion on its balance sheet to take on its rivals- Lyft in the US, Ola in India and Didi Kuaidi in China (it is also close to raising $3.5 billion). Meanwhile, Ola has raised $1.18 billion so far with the latest funding of $500 million in November 2015. Uber, which could have raised a similar amount via a public listing, has been criticised for raising money from a wealth fund of a politically repressive regime.

Tell me more: With this, Uber has raised $13.5 billion (including convertible debt) so far and Saudi Arabia’s sovereign wealth fund gets a 5% stake in the company. This also indicates how Saudi Arabia plans to reduce its dependence on oil for revenues.

 

277 million

What is it? The number of internet users in India in 2015, a 40% growth from the previous year, according to Mary Meeker 2016 Internet Trends report.

Why is it important? India overtaken the US to become the second largest country in the world in terms of internet users (after China) and it is the only country where the growth rate of the number of internet users was higher than the previous year (33%). However, tech startups are still struggling to make money, indicating that the users are still not ready to spend much money on the web.

Tell me more: Online retail sales in April were lower than that in December 2015, a first-time occurrence in many years. New rules by the Indian government prohibiting online marketplaces from influencing the prices of products online could have had an effect on e-commerce companies.

 

$2.4 billion

What is it? Revenue of terror group ISIS in 2015 – a drop of $500 million from the previous year’s estimate, according to the Center for the Analysis of Terrorism.

Why is it important? ISIS retains the tag of being the richest terrorist organisation in the world, despite US bombing of its oil fields. The group compensated for the loss in revenue from oil by increasing tax rates for the 8 million people it controls. The share of oil revenue fell from 38% to 25% in 2015 while that of taxes went up from 12% to 33% last year.

Tell me more: Terrorism expert Jean Charles-Brisard, one of the authors of the report, has expressed surprise at the fact that the UN Security Council has not laid a formal embargo that would punish countries that continue to buy goods including cement, oil and wheat from ISIS territory.

 

92%

What is it? Percentage of e.coli-infected ice cubes in Mumbai hotels, eateries and juice centres found in the samples examined by Mumbai’s governing civic body.

Why is it important? The bacteria can cause health problems including severe gastroenteritis (inflammation of the gastrointestinal tract), diarrhoea, vomiting and food poisoning.

Tell me more: The survey included 552 shops and 2,995 street vendors. Around 7,500 people died from consuming contaminated food in 2014.

 

 

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Four charts that explain the advances and retreats on the direct tax front

This piece originally appeared on Livemint.com

 

Tax collections in nine states grew faster than Delhi.

In an indication of the broadening of economic activity beyond Mumbai and Delhi, Gujarat, Karnataka, Madhya Pradesh and Rajasthan posted perceptible gains in direct tax collections—and overall share—between 2008-09 and 2014-15. Among the top 10 states by share, Delhi recorded the slowest increase. Interestingly, two key states that saw a regime change during this period, West Bengal and Uttar Pradesh, have both registered a drop in share.

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