What is it? Wealth owned by the world’s 62 richest people in 2015, according to Oxfam, an international anti-poverty confederation of 17 organizations. It’s down from 388 individuals in 2010.
Why is it important? Highlights the growing divide between the rich and the poor as this amount is equivalent to that owned by 3.6 billion people, the poorest half of the world’s population. Since 2000, the latter have received just 1% of the total increase in global wealth whereas 50% of that increase has gone to the top 1% of the population.
Tell me more: The wealth of the richest 62 people has seen an increase of 44% since 2010 while that of bottom half fell by 41%. The report says the average rate of return for billionaires in the last five years was 5.3%, which means the richest made $5 million per day from interest payments alone.
$35 million (~ Rs 240 crore)
What is it? The amount food delivery startup Swiggy has raised in Series C funding from existing investors SAIF Partners, Norwest Venture Partners, Accel Partners and new investors including Harmony Partners, RB Investments and an undisclosed global investment entity.
Why is it important? This comes at a time when food tech companies including Zomato, FoodPanda and TinyOwl have been facing a series of problems – funding slowdown and layoffs. The latest round of fund raising shows the rapid pace at which Swiggy, founded in August 2014, is attracting investor money. The Bengaluru-based startup has attracted its Series C funding from a year since it raised its Series A funding of $2 million. And, it raised its Series B funding of $16.5 million last June. The firm is now valued at $125 million.
Tell me more: Swiggy plans to utilise the funds to strengthen its presence in the existing locations besides technology upgradation for reducing overall delivery time and improving customer experience. Food delivery market in India is estimated to be $6 billion.
What is it? The annual subscription fee that Whatsapp plans to scrap. It has been charging some users in US and UK a fee of $0.99 a year after a year of use.
Why is it important? Mobile apps depend on ads and/or subscription fee for revenues. Whatsapp had for long ruled out advertisement as a revenue source. By closing the subscription tap as well, it will now focus on new revenue streams. It plans to “test tools” that would allow its users “to communicate with businesses and organizations” of their choices. Whatsapp, which was acquired by Facebook for $19 billion in 2014, has not been in too much of a hurry to monetize its services, unlike its competitors. For instance, WeChat’s estimated average revenue per user is $7 compared to Whatsapp’s $1 per user.
Tell me more: Whatsapp has 990 million users across the world.
What is it? The number of students who have cleared the Chartered Accountancy (CA) Final exams held last November.
Why is it important? This is a pass percentage of 5.7% – a total of 42,469 students took the exam. The pass percentage in November 2015 is higher than November 2013’s pass percentage of 3.1%, which was the lowest in the previous five exams. It is much less than the highs recorded in the last decade or so: 28.3% in November 2007, 26.8% in November 2006 and 22.8 in May 2006.
Tell me more: The exam, which is widely considered a tough one to crack, is held twice a year – May and November. James John Britto from Chennai, Nagulu Mohan Kumar from Tirupati and Avinash Sancheti from Kolkata have been ranked first, second and third respectively in the country.
What is it? The level at which India’s benchmark stock index, Bombay Stock Exchange (BSE) Sensex, closed on Monday.
Why is it important? This was the lowest closing in 20 months – it had closed at 24,121.74 points on May 16, 2014. The Sensex has tumbled 18.5% from the highs of January 2015, close to the 20%-mark, which is considered bear-market territory by some investors. This slip has erased almost all the gains made by companies after the NDA’s landslide victory in the Lok Sabha Elections in May 2014.
Tell me more: The 20-year lows have been because of a combination of factors: export numbers released on Monday (which saw a 13th straight month decline), oil prices slipping below $28 per barrel, falling rupee and concerns over the health of China’s economy.