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Russia-Ukraine War Pushes US Inflation to 4-Decade High

Food prices
Photo: Pixbay

Americans paid more for gasoline, food, and other necessities last month, amid an ongoing wave of record inflation exacerbated by Russia’s invasion of Ukraine, according to US government data released Tuesday.

The consumer price index (CPI) rose 8.5% in the year to March, the highest increase since December 1981 and a sign of the pressure President Joe Biden’s administration is under even as it seeks new ways to punish Moscow for the attack on its neighbor.

Since last year, the inflationary surge has dragged Biden’s approval rating down, and the president has tried to blame it on Russian President Vladimir Putin and the disruptions to global energy markets caused by the invasion.

“Putin’s price hike in gasoline accounted for 70% of the increase in prices in March,” Biden claimed during a speech in Iowa, though the Labor Department said it was closer to half.

Prices began to rise last year as the economy recovered from the Covid-19 pandemic, and while the most recent report showed costs reaching new highs for many items, it also contained indications that the spike may be leveling off.

Prices rose 1.2% in March, in line with analysts’ expectations, but “core” prices, which exclude volatile food and energy sectors, rose 0.3%, less than expected.

“The Russia-Ukraine war has added fuel to the blazing rate of inflation through higher energy, food, and commodity prices that are turbo charged by a worsening in supply chain problems,” Oxford Economics’ Kathy Bostjancic said.

The strength of the ongoing price increases has bolstered the case for the Federal Reserve to take aggressive action at its policy meeting next month, likely raising the key lending rate by half a percentage point rather than the quarter-point increase last month.

“With labor shortages pressuring firms to raise wages, we are in the midst of a wage-price inflation cycle that will necessitate extreme Fed action to rid the economy of the spreading inflation threat,” said economist Joel Naroff, reports AFP.

A confluence of factors has fueled the inflationary surge, including businesses’ struggles to find enough workers and supplies, the Fed’s low-interest-rate policies, and congressionally approved stimulus measures that increased demand among American consumers.

In response, the White House has scrambled to provide relief, including releasing strategic oil supplies to lower pump prices and lifting a prohibition on selling a lower-priced gasoline blend during the summer months, which Biden promoted during his visit to Iowa.

The Fed, on the other hand, is the most powerful anti-inflation actor in Washington. Despite the fact that rate hikes are expected to lower prices in the coming months, central bank Governor Lael Brainard stated on Tuesday that the fallout from the Ukraine conflict “probably skews risks to the upside in inflation.”

A new pandemic lockdown in China “has the potential to lengthen some of those constraints that we’ve seen in supply chains,” Brainard said in a discussion following the release of the data.

According to Labor Department data, Americans are experiencing real financial hardship when it comes to purchasing must-have items. Prices for shelter, which includes rent, increased by 0.5%, while food prices increased by 1% overall.

According to the data, grocery prices were up 1.5% month over month and 10% year over year, the largest such increase since March 1981.

However, used car prices, which were among the first to rise last year, fell 3.8% last month, pushing core CPI lower. After seeing monthly increases of more than 1% in the latter months of 2021, new car prices rose by only 0.2%.

Kim Jung-youn: The World’s New Youngest Billionaire

Kim Jung-youn
Photo: Collected

Kim Jung-youn is the 18-year-old daughter of Kim Jung-ju, the founder of Nexon, one of the ten largest interactive video game businesses in the world, which owns several well-known properties. The man died in Hawaii last February at the age of 54, leaving behind his wife and two daughters, who received a substantial portion of Nexus shares.

Inheritances

Jung-youn and her older sister Jung-min received a 30.78 percent share in NXC, the holding company, from Kim Jung-ju, who has nearly a 48 percent ownership in Nexus, according to a Forbes story citing regulatory records. At the time of his death, Kim Jung-ju was the third richest man in South Korea, and his youngest daughter is currently the world’s richest billionaire. According to Forbes, each sister has a net worth of one billion dollars.

For her part, the businessman’s wife Yoo Jung-hyun inherited 4.57% shares in NXC, adding to her husband’s billionaire fortune (he appears on the list of the wealthiest people in Korea) since she helped found the company in 1994 and holds 34% of its shares, making her the company’s largest shareholder.

With this move, Kim Jung-youn replaces Kevin David Lehmann as the youngest billionaire in the world. Lehmann is also an heir; his father, Guenther Lehmann, transferred a portion of his shares to him when he was 14 years old, with the intention that he acquire them at the age of 18. Currently, he is 20 years old. Austin Russell was also abandoned.

Kim Jung-youn, like the rest of his family, keeps his life private. Particularly after he became involved in philanthropy, her father avoided media appearances and endeavored to keep his life out of the public eye. In reality, it was revealed shortly after his passing that the guy suffered from acute depression that deteriorated throughout his final months of life. The cause of his death was not specified.

It is unknown whether the two young women would follow in their mother’s footsteps by working for the corporation in the future.

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After Twitter, Facebook and Instagram, Russia Restricts Google News Service Citing ‘Fake News’

Google
Photo is taken from Internet

Since the beginning of Russia’s engagement in Ukraine on February 24, the Russian government has strengthened its grip over information on the internet, one of the country’s last bastions of free speech.

According to AFP, quoting Russian news agencies, Russia’s media watchdog has banned access to the Google News service, accusing it of disseminating ‘false news’ regarding Russia’s incursion in Ukraine.

According to a statement from Russia’s media regulator Roskomnadzor reported by the agencies, the decision was made at the request of the Russian General Prosecutor’s Office.

“Access to various publications and documents that include incorrect information… concerning the conduct of the special military operation on Ukrainian territory” was supplied by the online news service, according to the statement.

According to AFP, a Google spokeswoman stated that “some individuals in Russia are having problems accessing the Google News app and website,” and that this is “not due to any technical issues” on the company’s end. “We’ve worked hard to ensure that information services like News are available to Russians for as long as possible,” a Google spokeswoman stated.

Since the beginning of Russia’s engagement in Ukraine on February 24, the Russian government has strengthened its grip over information on the internet, one of the country’s last bastions of free speech.

Many Russian and international media outlets, including the BBC, have had their internet services banned, and a Moscow court has labeled the American social media platforms Facebook and Instagram as “extremist.”

Alphabet-owned Google said on Wednesday that it will not assist websites, apps, or YouTube channels in selling advertisements alongside content that exploits, rejects, or condones the continuing war between Russia and Ukraine.

Roskomnadzor also accused Google and its video provider YouTube of “terrorist” acts last week, paving the way for a future shutdown.

At the same time, in early March, the authorities announced two new criminal offenses: one for broadcasting “discrediting” material about the Russian army, and another for disseminating “false” information about Russian troops.

The latter offense, which has a maximum sentence of 15 years in jail, is of particular worry to the political opposition and independent media, which fear being prosecuted if they report on the Ukraine offensive.

Information Credit: HINDUSTAN TIMES

World Art Day 2022: Revisiting Best Works of Leonardo da Vinci

Leonardo da Vinci
Photo: europa.eu

The globe celebrates World Art Day 2022 on April 15 to honor the legacy and work of Leonardo Da Vinci, the greatest artist of all time and creator of the Mona Lisa. It’s the one-year anniversary of his birth.

In 2012, the General Conference of UNESCO established April 15 as World Art Day to honor and promote various forms of art and artists, both well-known and unknown. Through his work, Vinci became a symbol of peace and harmony.

On the occasion of Leonardo da Vinci’s 500th birthday, we’ve compiled a list of some of his most notable works.

Mona Lisa 

It’s impossible to talk about Leonardo da Vinci without mentioning the Mona Lisa. Two complement or rather complete each other, it isn’t a stretch to suggest. Several mysteries and legends surround the Mona Lisa, but it is still considered one of Vinci’s best works.

Mona Lisa is known for its flawless color and mix, making it nearly impossible for a viewer to tell if it was painted with a brush.

The Vitruvian Man

According to critics, The Vitruvian Man is one of Vinci’s most well-known masterpieces. It represents the human body’s optimal proportions.

The picture was inspired by Vitruvius’ writings. Vinci composes the human body by arranging it in a circle and a square, with the navel and genitals in the center.

The Last Supper 

The 15th-century Milanese duke Ludovico Sforza, who commissioned Vinci to create this picture, is thought to have established him as one of the world’s greatest artists.

The Last Supper represents Jesus Christ’s last dinner. The construction of this began in 1495 and was completed in 1498.

The Last Supper is known for its innovative technique for a fresco of the time, the employment of dry paint on several preliminary layers that were normally kept wet, which has weakened the work and has been restored numerous times since.

La Vierge aux rochers

The Virgin of the Rocks, painted between 1483 and 1508, shows the meeting of Jesus of Nazareth and John the Baptist.

Only the first version, which is on display in the Louvre, can be attributed to Leonardo da Vinci with certainty. The painting was created in two versions, the first between 1483 and 1486 and the second between 1491 and 1508, but only the first version, which is on display in the Louvre, can be attributed to him with certainty.

Top 10 Richest Countries in 2022

Richest Countries in 2022
Photo: Collected

Global Finance has announced its annual list of the world’s ten richest countries. We would have anticipated seeing some of the world’s “most powerful” countries on the list, but the top is dominated by small countries with strong finance sectors and other lucrative industries.

This is where we might consider what makes a country “wealthy.” Global Finance provides a solution to the question: “The value of all products and services generated in a country is measured by the gross domestic product (GDP). However, dividing this value by the number of full-time residents is a better way to compare the wealth or poverty of one country’s population to that of another.” They claim that in the case of this year’s list, the link between wealth and small land size is that the economies of these little countries are significantly larger than their inhabitants.

When inflation is considered, the study looks at purchasing power parity (PPP). However, this does not imply that everyone in the top-ranked countries has a lot of money. It’s also likely that the wealthy elites own much of the money and that some individuals are battling to maintain their finances stable.

According to the survey, several of the countries on the list (primarily in Europe and Asia) are tax havens. This indicates that their wealth is derived from other countries, yet the consequences and legal practices cause their GDP to rise.

Top 10 Richest Countries in 2022
Photo: Collected

Luxembourg, for example, is at the top of the list. It is known as a tax haven, and accounts in its banks can be opened from outside the nation. Nonetheless, it is a famous tourist destination because to its castles and high standard of living for its residents. It was also one of the countries that escaped the Covid epidemic unscathed.

Singapore is also a tax haven due to the absence of capital gains and dividend taxes. This is one of the reasons Eduardo Saverin, co-founder of Facebook, relocated his money there and is now the world’s second richest man. The city is rapidly expanding and is quickly becoming a significant financial center.

The remaining countries on the list are in similar situations: there are financial opportunities that allow entrepreneurs and multinational corporations to take advantage of how they see taxes and end up investing. Most of the time, this benefits local company owners more than ordinary citizens.

Here is a list of the world’s ten richest countries in 2022:

1. Luxembourg

GDP-PPP per capita: $140,694

2. Singapore

GDP-PPP per capita: $131,580

3. Ireland

GDP-PPP per capita: $124,596

4. Taste

GDP-PPP per capita: $112,789

5. Macau SAR

GDP-PPP per capita: $85,611

6. Swiss

GDP-PPP per capita: $84,658

7. United Arab Emirates

GDP-PPP per capita: $78,255

8. Norway

GDP-PPP per capita: $77,808

9. USA

GDP-PPP per capita: $76,027

10. Brunei Darussalam

GDP-PPP per capita: $74,953

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What is Hyperloop? Evolution of the Train Technology

hyperloop train
Photo: Collected

After the first passenger tests in November 2020, Richard Branson’s Virgin Hyperloop grabbed international headlines. We chronicle the most crucial milestones in the hyperloop’s history while other firms try to make it a mainstream means of transportation.

When Josh Giegel, chief technology officer and co-founder of Virgin Hyperloop, and Sara Luchian, director of passenger experience, first stepped onboard the company’s custom-built pod, they knew they were making history.

“I was quite excited, and I suppose any nerves I had were just about the significance of the moment and realizing that we may be writing history,” Luchian told Railway Technology.

The business made international headlines on November 8, 2020, when it executed the first passenger test on its hyperloop system. Virgin Hyperloop’s partner, the Virgin Group, deemed the trial, which took place in the Nevada desert, a success.

Despite the fact that Virgin Hyperloop began working on the project in 2019, hyperloop technology has been under development for years, dating back to a research paper published in 2013 by Tesla CEO Elon Musk.

We investigate the growth of the concept, from its origins to the ground-breaking futuristic networks being developed today, as hyperloop initiatives spring up around the world.

What is Hyperloop? 

Virgin Hyperloop, a futuristic rail service that promised a new era of passenger transport, has announced that it will instead focus on cargo.

A hyperloop is a super-fast ground-level transportation system in which humans may travel at speeds of up to 760 mph (1220 km/h), just shy of the speed of sound, in a hovering pod inside a vacuum tube. Magnetic levitation is part of Virgin’s system, which is similar to the technology used in sophisticated high-speed rail projects in Japan and Germany.

Vacuum tube transit systems have been around for a surprising amount of time as a notion for quick transportation. Isambard Kingdom Brunel, a British engineer and the forerunner of Elon Musk, suggested building a tube in southwest England in 1845 that would drive trains at a dizzying speed of 70 mph (110 km/h) at the time. Brunel’s plan was abandoned after the project became impracticable due to a shortage of materials that could maintain it.

Despite Brunel’s efforts, it took more than a century for Tesla and SpaceX CEO Elon Musk to reintroduce tubular transit technology to the world. He outlined the architecture of Hyperloop, a solar-powered transportation system that he described as “a cross between a Concorde, a railgun, and an air hockey table” in a 58-page technical document published in 2013.

Musk said that the vehicle could travel 350 miles (560 kilometers) between Los Angeles and San Francisco in 35 minutes for $20 and that the infrastructure would cost $6 billion. He also stated that the new transit system will be safer than any current means of transportation, as it will be weatherproof and earthquake resistant. Musk never put much effort into making the concept a reality, although he did offer his Hyperloop Alpha design as an open-source design for colleges and businesses to study and develop.

Virgin Hyperloop was formed in 2014 with the goal of realizing Musk’s vision of a futuristic transportation system. The business has made significant technical revisions to Musk’s first design and has decided not to pursue Musk’s proposed Los Angeles–to–San Francisco route. Virgin, on the other hand, intends to keep the futuristic vehicle environmentally friendly, with vegan leather seats and recycled content in some of the pod materials.

How Does Hyperloop Train Work?

At its most basic level, a hyperloop system aims to eliminate the two factors that slow down conventional vehicles: friction and air resistance. To avoid the latter, the pod must hover above its track, effectively turning hyperloop into a magnetic levitation (maglev) train.

To put it simply, maglev trains employ two sets of magnets: one set repels and pushes the train off the track, and the other set propels the floating train forward using the lack of friction. According to Sam Gurol, former head of Maglev Systems at General Atomics, an energy and defense business based in San Diego, “once two sets of magnetic waves are established, they function in unison to propel the vehicle forward.”

Credit: SpaceX

“The advantage of maglev is that it allows you to go at very high speeds while also providing a really pleasant journey,” Gurol explains. “It’s like taking a magical carpet ride.”

Hyperloop’s super speed, on the other hand, is attained by substantially reducing air resistance. Passenger pods travel through a low-pressure, vacuum-sealed tunnel that removes nearly all of the air. The air pressure inside the chamber is so low that it simulates being at an altitude of nearly 200,000 feet (61,000 meters). Because the system is enclosed in a tube, it is shielded from the elements and can work in practically any weather.

Tracks Made of Magnets

“Focusing on pallets is easier to achieve – there is less risk for passengers and less of a regulatory process,” DP World, a logistics business owned by the Dubai government and a majority stakeholder in Virgin Hyperloop, told the Financial Times.

The pods would travel at over 600mph (1,000km/h) through the tubes on magnetic rails identical to those used by existing Maglev trains.

Hyperloop Transportation Technologies and Virgin Hyperloop are two companies attempting to make the concept a reality.

After British entrepreneur Richard Branson invested $85 million (£62 million) in Virgin Hyperloop in 2017, the company was renamed Hyperloop Technologies.

It was touted as “the world’s most groundbreaking railway service” at the time.

The company announced its vision for the future of Hyperloop travel in late 2020, with a film that walks viewers through a typical ride “from arriving at the portal to boarding the pod”, reports BBC.

Hyperloop Cost

Despite the fact that the technology addresses friction and air resistance, hyperloop initiatives have faced a different kind of stumbling block: cost. Musk’s $6 billion price figure, according to financial and transportation experts, significantly understates the expense of designing, creating, constructing, and testing an entirely new mode of transportation. According to leaked financial figures from 2016, Musk’s Hyperloop might cost up to $13 billion, or $121 million per mile.

Hyperloop transportation, like any other mode of transportation, entails inherent hazards, and contingencies for any unanticipated calamities must still be included into the system. Even a minor earthquake or the tiniest vacuum tube fracture at high speeds would pose a considerable risk to passengers and crew. A hyperloop system must provide pricing that will attract paying customers away from present modes of transportation, in addition to ensuring their safety.

Hyperloop One

Saudi Arabia reportedly canceled a $1 billion deal with Virgin Hyperloop in 2018 after the company’s ex-chairman Richard Branson condemned the monarchy over the disappearance of journalist Jamal Khashoggi, according to the Financial Times. Despite this, the business had received $400 million from private investors as of May 2019 and aims to commence commercial operations in 2030. (pushed back from early predictions that envisioned a passenger-ready hyperloop in 2021).

Aside from Virgin, the Hyperloop Transportation Technologies (HyperloopTT), a U.S.-based startup that recently signed an agreement in China to build a test track, Hardt Hyperloop in the Netherlands, and TransPod, a Canadian company, are all working to overcome the challenges of this mode of transportation.

Prepare for a Russian Nuclear Assault on Ukraine, Zelensky Warns

Zelensky Warns
Photo Credit:

Ukrainian President Volodymyr Zelensky, speaking from the country’s capital Kyiv, expressed concern that Russian President Vladimir Putin would potentially be willing to deploy chemical weapons against Ukraine.

When asked by CNN if he was concerned about the possibility of a nuclear assault, Mr Zelensky responded, “Not only me – all of the globe, all of the countries ought to be concerned.”

“Chemical weapons,” he added. They could do it because the lives of the people are meaningless to them. That is the reason. We should consider not to be fearful, not to be afraid, but to be prepared.

“But, I believe, it is not a question for Ukraine, but for the entire globe.”

According to Mr. Zelensky, approximately 2,500 to 3,000 Ukrainian forces have died and an additional 10,000 have been injured in the battle.

He is, however, unsure about the civilian death toll.

“It is very difficult to talk about civilians because we don’t know how many people have died in that area that is blocked in the south of our nation, where the towns and cities are stopped – Kherson, Berdyansk, Mariupol farther east, and the territory to the east where Volnovakha located,” he said.

He also discussed the recent sinking of Russia’s flagship Moskva battleship.

The Ukrainian president stated that the sinking was not a “tragedy,” and that the fewer weaponry the Russian Federation has, the better it is for them.

Maksym Marchenko, governor of Ukraine’s Odesa region, said his country’s soldiers attacked the ship with two Neptune anti-ship missiles. Russian officials confirmed that their flagship vessel had sunk as a result of an ammunition explosion.

According to Russia, all 500 crew members were rescued on Wednesday. According to Ukrainian officials, some of those on board died, including the ship’s captain.

Since invading Ukraine, the Russian Federation has suffered damage to two major naval assets: the Moskva and the Alligator-class landing ship Saratov, according to the Ministry of Defence in London.

In the aftermath of the incident, British defense chiefs said on Friday that Russia is likely to reconsider its maritime posture in the Black Sea.

Who is the Richest Woman in United States 2022?

Alice Walton-richest woman
Photo: Instagram

The richest woman in the United States 2022 has been the same person since 2015. Alice Walton, who inherited Walmart, the biggest store in the world, was number one for seven years. The 72-year-old owns a huge number of Walmart shares, which makes her one of the 20 richest people in the world according to Bloomberg. But this year, the company lost money because the price of its stock dropped, so she is no longer the richest woman in America.

The richest woman in the United States 2022

The new number one is Julia Koch, whose husband David Koch, who died in 2019, left her a large fortune. The man was the owner of Koch Industries, which was run by his family. It was a multinational conglomerate with businesses ranging from oil refining and distribution to cloud computing. He left his job as vice president in 2018 because of health problems. Julia and her three children got 42% of Koch Industries’ shares as an inheritance. This made them some of the richest women in the world. Forbes says that Koch is worth about $56 billion. He was worth about $51 billion last year.

Julia Koch is best known for being the president of the David H. Koch Foundation, a charity that has given more than $200 million to causes like medical and scientific research, education, the arts, and more, according to what she says on her website. She has also given money to places like the Smithsonian Museum of Natural History, the Lincoln Center, and the Metropolitan Museum of Art.

Forbes says that Koch’s wealth has grown even more because the value of his shares in Koch Industries has gone up. This is because high oil prices around the world have helped the company make $10 billion more than it did last year.

The next name on the list is one you know. MacKenzie Scott is in third place. Her wealth comes from the shares she got from Jeff Bezos in his 2019 divorce. The woman said she would give all the money to good causes, which has made people less and less interested in her there will come a point where your name will not appear on the list. Since 2020, she has given away a total of $12.6 billion, which is on top of the $4 billion she gave away the year before. She is really leaving her money behind. On the other hand, her value has gone down because Amazon shares have fallen 27%, which has also made Jeff Bezos worth less.

They are followed by Jacqueline Mars, who is the heiress to the family fortune. She is the daughter of Forrest Mars and the granddaughter of Frank C. Mars, who started the candy company Mars, Inc. She left the company in 2001 and now lives in Virginia, which makes her the richest person who lives there.

Diane Hendricks is the self-made rich women

Diane Hendricks is one of the self-made rich women. She co-founded ABC Supply, a roofing supply company that is now worth $12.2 billion. She is followed by Judy Love, who co-founded Love’s Travel Stops & Country Stores and has a net worth of $5.5 billion, Marian Ilitch, who co-founded Little Caesars Pizza and has a net worth of $4.3 billion, and Thai Lee, who is the CEO of SHI International and has a net worth of $4.2 billion.

The list changes every year, so we will have to wait until 2023 to see how the positions have changed and if Mackenzie Scott is getting closer to zero.

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Zelenskyy Says Ukraine Ready to Discuss Neutrality Status

Photo: Getty Image

Ukrainian President Volodymyr Zelenskyy said during a 90-minute video speech to Russian journalists that his country is willing to consider adopting a neutral status as part of a peace accord with Russia. Any deal would have to be backed up by third parties and put to a vote in a referendum.

“Our state’s security guarantees and neutrality, as well as its non-nuclear status.” We’re ready to take on the challenge. “This is the most crucial element,” Zelenskyy declared.

In the meantime, US Secretary of State Antony Blinken has sought to clarify President Joe Biden’s remarks that Russian President Vladimir Putin “cannot remain in office.”

“As you know, and as you have heard us say repeatedly, we do not have a plan of regime change in Russia — or anywhere else, for that matter,” Blinken said in Israel. After a three-day trip to Europe, Biden returned to the White House early Sunday.

President Volodymyr Zelenskyy of Ukraine has stated that his country is willing to discuss adopting a neutral status as part of a peace accord with Russia, albeit such an agreement would need to be guaranteed by third parties and put to a referendum. “Our state’s security guarantees and neutrality, as well as its non-nuclear status.” We’re ready to take on the challenge. In a 90-minute video speech to Russian journalists, Zelenskyy remarked, “This is the most crucial thing.”

While his government is addressing the use of Russian in Ukraine in its talks with Russia, Zelenskyy stated that other Russian requests, such as demilitarization, are not currently on the table. He said that during the invasion, Russian-speaking cities in Ukraine were destroyed.