Business

News this past week

News you might have missed this week. This is your one stop for all the news surrounding technology, businesses and startups.

Business News

“US oil tycoons increased their wealth to $239 billion amid Russia-Ukraine war”

Since Russia’s invasion of Ukraine on February 24, the collective net worth of American oil and gas industrialists has been increased to $239 billion. Soaring oil prices are boosting the fortunes of shale and gas tycoons in the United States, even propelling one into the ranks of the world’s 500 wealthiest people for the first time in the history.
Harold Hamm, Co-founder of Continental Resources, has risen 28 places on Bloomberg’s list of the world’s 500 wealthiest people, after his wealth increased to $18.6 billion. Meanwhile, Michael Smith, the founder of Freeport LNG, became the first newcomer in the list of 500 richest people.

“Indian Oil Corporation Limited buys 3 million barrels of Urals oil from Russia: Report”

Indian Oil Corporation Limited (IOCL), India’s largest oil refinery bought 3 million barrels of Russian Urals oil and 2 million barrels of West African oil. According to Reuters, IOCL purchased Urals crude on a deliverable basis from Geneva-based broker Vitol at a discount. Indian Oil Corporation also purchased similar quantities of Urals from Vitol, earlier this month.

“Zelenskyy praised Hollywood couple ‘Mila Kunis & Ashton Kutcher’ for their ($35 million) fundraiser for Ukraine”

Source: Twitter

Ukrainian President Volodymyr Zelenskyy thanked Hollywood couple Ashton Kutcher and Mila Kunis for raising about $35 million for war struck Ukraine through their fundraiser. On Sunday, the president tweeted a photo of the three of them talking on a video conference.
The tweet from the president Zelenskyy’s Twitter account read, “@aplusk & Mila Kunis were among the first to respond to our grief. They’ve already raised $35 million and are sending it to @flexport and @Airbnb to help 🇺🇦 refugees. Grateful for their support. Impressed by their determination. They inspire the world. #StandWithUkraine.”
Ashton Kutcher and Mila Kunis, who was born in Ukraine, both retweeted the post.

“MacKenzie Scott, Jeff Bezos’ ex-wife, donated $281 million to Boys & Girls Clubs of America”

MacKenzie Scott, an American novelist and philanthropist, has donated $281 million to Boys & Girls Clubs of America. It is the largest donation ever given, by anyone, to the organisation in more than 150 years of its history. Boys & Girls Clubs of America aims to provide high-quality youth development programs that strengthen kids’ physical, mental and emotional wellbeing.
According to Bloomberg, MacKenzie, who divorced Amazon founder Jeff Bezos in 2019, has a net worth of $54.4 billion.

”Manchester City is the highest revenue-generating football clubs for 2020-21 season: Deloitte Money League”

The Deloitte Football Money League that is an yearly ranking of the highest revenue generating clubs in world football has issued their rank list for 2022. Manchester City have come on the first place as the world’s highest revenue-generating club in 2020-21 season. Manchester City generated €644.9-million revenue. Real Madrid with €640.7 million and Bayern Munich which generated €611.4 million in revenue, came in second and third, respectively. Barcelona dropped three spots to fourth place on the list, with €582.1 million revenue. 
Manchester City is not the only English club in the top ten. It is joined by fellow clubs namely, Manchester United, Liverpool, Chelsea, and Tottenham. Manchester United came at the fifth place with a revenue of 558 million euros.

“World’s top 10 richest nations in terms of privately-held wealth; India ranked 4th”

World Richest Nation

According to a report by Henley & Partners, the United States is the wealthiest country in terms of private wealth held by all its individuals. The country is home to around 810 billionaires and 5.5 million High-Net-Worth Individuals, collectively amassing 68.8 trillion dollars. USA is followed by China and Japan. China at the second place has $23.3 trillion in wealth privately held by the individuals, whereas Japan with $20.1 trillion private wealth is third in the ranking. With approximately $8.9 trillion each, India and Germany rank fourth and fifth. United Kingdom (UK) came at sixth place with 92 billionaires and total individual wealth amounting to $8.8 trillion.

Technology News

“Ethereum’s co-founder trolled for his TIME cover; Billionaire technologist shared trolling tweets”

Source: Twitter

Co-founder of the second largest cryptocurrency (Ethereum), Vitalik Buterin was trolled for his Time magazine cover. Vitalik Buterin is now on the Time Magazine’s ‘Most Influential’ List.
Vitalik shared screenshots of tweets mocking him for being on the cover of TIME magazine. The billionaire tweeted, “The tweets…are truly amazing. These are barely even cherry-picked…Highly recommend scrolling.” The 28-year-old Canadian, who was born in Russia, is one of the most powerful figures in the crypto world. Buterin’s appearance on Time cover is an extension of a low-key publicity stint. The technoid will also be featured in a new documentary on Ethereum.

“Musk’s Starlink is helping Ukrainian drone teams destroy Russian tanks amid internet and power blackouts”

Ukrainian drone unit is destroying Russian military vehicles – tanks and command trucks, with the help of Elon Musk’s Starlink internet system. 
The Ukrainian drone unit’s leader told The Times of London, “If we use a drone with thermal vision at night, the drone must connect through Starlink to the artillery guy and create target acquisition.” Starlink has helped the teams ensuring that they can work even when there is no internet or power.

“Telegram banned in Brazil; ‘company was checking wrong email id for court orders’: CEO”

Telegram, a freeware, cross-platform, cloud-based instant messaging service has been banned in Brazil. Brazilian Supreme Court judge Alexandre de Moraes ordered the telecom companies in Brazil to block the messaging application across the country as it failed to comply with regulations from Brazilian authorities.
Following Telegram’s suspension by Brazil’s Supreme Court for facilitating disinformation, CEO Pavel Durov issued a statement claiming that the company was checking the wrong email address for communications with the court. He stated that the company provided a new email address to the court for the communication, however the court orders were sent to an old email address. As a result of this misunderstanding, the Court found Telegram to be unresponsive and thus gave the verdict. Durov further said, ‘I apologise to the Brazilian Supreme Court on behalf of our entire team.‘

“Google accused of collecting user data without user’s consent: Report”

Google

Dublin professor Douglas Leith detailed the amount and type of user data that is collected by Google apps without the users knowing in a research paper. It was found that Google’s Phone and Messaging apps for Android were reportedly collecting and sending data to Google without users’ consent. The data included a hash of the message text as well as the time and duration of calls, according to the research paper.
Google said in a statement that it’s collecting phone data for spam detection. The company also said that it only collected logs for numbers that were not in user’s contact list. However, not giving consumers the option to opt-out of sharing of this data, couldn’t be permitted.

”Instagram introduces two new feeds; brings back chronological feed after 5 years”

Instagram has started rolling out a new feature that enables users to view two new types of content feeds, apart from Home feed, namely Following and Favourites. The Following feed will allow users to see posts from the accounts they follow in chronological order. The chronological feed was the default Instagram feed until 2016. However, Instagram’s current algorithmic-driven feed will continue to remain the default Home feed.
Favourites feed will display the most recent posts from a list of accounts that a user has selected manually. The number of favourites accounts that one can select is currently limited to 50 accounts.

”WhatsApp multi-device support starts rolling out for iOS and Android users: WABetainfo”

According to WABetainfo, WhatsApp has started pushing out multi-device support to its users, which was previously only available to WhatsApp beta users. The new functionality will be first made available to iOS users, starting this month. While Android users will start receiving it next month. Users’ primary devices will no longer needed to be online to access the platform on other devices, with the new update.

Startup News

”Indian startup OYO to offer free accommodation to Ukrainian refugees following Airbnb’s aid”

Indian multinational OYO Rooms (OYO) that provides homes and living spaces worldwide, announced to offer free accommodation to Ukraine refugees. Starting with Poland, OYO will try to persuade over 600 of OYO’s Belvilla homeowners to house refugees fleeing from Ukraine in their vacation homes, according to the company. OYO also announced the launch of a fundraising campaign encouraging people at large to assist homeowners providing free housing to refugees.
OYO founder and CEO Ritesh Agarwal said, “We are deeply inspired by our homeowners who are opening their homes and hearts to people in dire need. We are committed to supporting them and driving this effort in every way we can.” “We will continue to explore every avenue to ensure all possible support for refugees in European countries”, he further added.

Source: Inshorts