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Brazil’s inflation soars to 13-year high

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Brazil’s IBGE statistics agency announced on Friday that the country’s official inflation index, IPCA, reached 10.67 percent in 2015, the highest since 2002.

The rate is way above the inflation target set for 2015, 4.5 percent with a two-point tolerance, meaning that the rate should not have exceeded 6.5 percent.

The rate also shows significant increase from 2014, when the annual IPCA was 6.41 percent, still below the target’s upper limit.

The IPCA rate measures inflation in Brazil’s 13 major urban areas. The inflation rate was above 10 percent in seven of them last year.

Curitiba, capital of Parana state, registered the highest rate at 12.58 percent, while Belo Horizonte, capital of Minas Gerais state, recorded the lowest at 9.22 percent.

According to IBGE, the inflation rate was significantly impacted by the rise in prices of housing, which reached 18.3 percent.

Food and transportation prices also had a significant contribution, which increased 12 and 10.1 percent last year, respectively. Electricity tariffs also rose sharply in the year.

Brazil faced a raft of economic difficulties in the past year. In addition to the higher inflation rate, its gross domestic product is thought to have contracted by 3 percent and many of the country’s top political and business figures are embroiled in a broad corruption scandal.

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Zomato’s food delivery CEO Mohit Gupta made co-founder

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New Delhi, May 25 (IANS) Foodtech unicorn Zomato has promoted its CEO for Food Delivery, Mohit Gupta, to the position of Co-Founder. The announcement was made by Zomato CEO Deepinder Goyal in an internal email to employees.

New Delhi, May 25 (IANS) Foodtech unicorn Zomato has promoted its CEO for Food Delivery, Mohit Gupta, to the position of Co-Founder. The announcement was made by Zomato CEO Deepinder Goyal in an internal email to employees.

“While the foundation of Zomato was built before MG joined us, he has been instrumental in significantly strengthening it over the last two years. What he and his team has built is a very large part of our business, and our DNA today,” Goyal wrote in the email on Sunday, a copy of which has been seen by IANS.

“I’m happy to share that starting today, we are going to call MG a Founder at Zomato,” he said.

Zomato, which will mark 12 years in the industry this year, now has two other co-founders besides Goyal and Gupta — Gunjan Patidar and Guarav Gupta.

Zomato announced a Founders Program a year ago. The proramme was designed to recognise people who have contributed to Zomato deeply; have built/scaled businesses, and have consistently demonstrated a founder’s mindset for a reasonable period of time; and are acknowledged for their passion, commitment and perseverance.

“When I introduced the Founders Program a little over a year ago, I outlined a few qualities that all founders must exhibit. These qualities include trustworthiness, commitment and resilience among other things. MG checks all these boxes and more,” Goyal said.

Guarav Gupta was also made a founder of the company last year under this programme.

Due to the impact of the Covid-19 pandemic, Zomato recently announced the decision to lay off nearly 13 per cent of its workforce — over 600 employees.

“While we continue to build a more focused Zomato, we do not foresee having enough work for all our employees. We owe all our colleagues a challenging work environment, but we won’t be able to offer that to 13 per cent of our workforce going forward,” Goyal said in a statement this month.

“While the foundation of Zomato was built before MG joined us, he has been instrumental in significantly strengthening it over the last two years. What he and his team has built is a very large part of our business, and our DNA today,” Goyal wrote in the email on Sunday, a copy of which has been seen by IANS.

“I’m happy to share that starting today, we are going to call MG a Founder at Zomato,” he said.

Zomato, which will mark 12 years in the industry this year, now has two other co-founders besides Goyal and Gupta — Gunjan Patidar and Guarav Gupta.

Zomato announced a Founders Program a year ago. The proramme was designed to recognise people who have contributed to Zomato deeply; have built/scaled businesses, and have consistently demonstrated a founder’s mindset for a reasonable period of time; and are acknowledged for their passion, commitment and perseverance.

“When I introduced the Founders Program a little over a year ago, I outlined a few qualities that all founders must exhibit. These qualities include trustworthiness, commitment and resilience among other things. MG checks all these boxes and more,” Goyal said.

Guarav Gupta was also made a founder of the company last year under this programme.

Due to the impact of the Covid-19 pandemic, Zomato recently announced the decision to lay off nearly 13 per cent of its workforce — over 600 employees.

“While we continue to build a more focused Zomato, we do not foresee having enough work for all our employees. We owe all our colleagues a challenging work environment, but we won’t be able to offer that to 13 per cent of our workforce going forward,” Goyal said in a statement this month.

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ABVP man clones currency with Godse image

In the same post, Shukla has addressed Nathuram Godse as Mahatma and Pujya Pandit Nathuram Godse Amar Rahein (Long Live Nathuram Godse).

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Nathuram Vinayak Godse

Bhopal, May 25 : A man from Sidhi district, claiming to be a member of Akhil Bharatiya Vidyarthi Parishad (ABVP) – student outfit of the BJP – has cloned a Rs 10 currency note replacing Mahatma Gandhi’s image with that of his assassin Nathuram Godse.

The activist who identified himself as Shivam Shukla while uploading the post on Facebook hailed his hero: “Long Live Nathuram Godse” to mark his 111th birth anniversary on May 19.

Police have sought to track him down with the help of cyber experts to take action into the matter.

The shocking incident was revealed two days after the saffron outfit Hindu Mahasabha celebrated the 111th birth anniversary of Godse by garlanding his portrait and lighting up diyas around the portrait at the Mahasabha’s office in Gwalior.

Congress’ student wing, National Students’ Union of India (NSUI), has filed a complaint against Shukla on the incident.

ABVP also filed a complaint against the NSUI for “falsely dragging the name of ABVP” into the issue.

Shukla has even changed Mahatma Gandhi’s famous couplet to praise Gandhi’s assassin. Shukla wrote, “Raghupati Raghav Raja Ram, desh bacha gaye Nathuram (Nathuram saved the country).

In the same post, Shukla has addressed Nathuram Godse as Mahatma and Pujya Pandit Nathuram Godse Amar Rahein (Long Live Nathuram Godse).

Sidhi district police superintendent RS Belvanshi said, “A complaint was submitted to Sidhi Kotwali. The cyber cell of district police has been tasked with investigating the matter. Action will be taken in the matter once the inquiry is completed. “

“Our teams went to Shivam Shukla’s house on Friday, but he remains untraceable,” Belvanshi said.

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ITC to acquire spice manufacturer Sunrise Foods Pvt Ltd

It also noted that ITC’s Aashirvaad range of spices is already a market leader in Telangana and Andhra Pradesh.

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New Delhi, May 24 : ITC Ltd has entered into a share purchase agreement to acquire 100 per cent of the equity share capital of Sunrise Foods Private Ltd (SFPL), a company primarily engaged in the business of spices.

In a regulatory filing, ITC said that the proposed acquisition will augment its product portfolio and is aligned to the company’s aspiration to significantly scale up its spices business and expand its footprint across the country.

“ITC Ltd has entered into a Share Purchase Agreement (SPA) on May 23, 2020 to acquire 100 per cent of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark ‘Sunrise’, subject to fulfilment of various terms and conditions as specified in the SPA,” it said.

It also noted that ITC’s Aashirvaad range of spices is already a market leader in Telangana and Andhra Pradesh.

The deep consumer connect and distribution strength of SFPL in the focus markets, together with synergies arising out of the sourcing and supply chain capabilities of ITC’s agri business and its pan-India distribution network, will provide significant value creation opportunities for the company, it said.

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