India's finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-tablet-replaces-bahi-khata-in-sitharamans-paperless-budget-360520">Sitharaman</a> on Monday presented the Modi government's Union Budget 2021 while asserting that this<a href="https://www.wionews.com/topics/budget"> Budget</a> has been created in "situations like never before"&nbsp;referring to the coronavirus pandemic.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Also Read:&nbsp;LIVE Union Budget 2021: Nirmala Sitharaman presents Union Budget in Parliament</a>

India's finance minister informed Parliament that the country has two vaccines currently and it has begun safeguarding not just itself but a hundred more countries.

Sitharaman added that two more vaccines are expected soon.

"There are signs that political strategic relations across the world are changing," India's finance minister informed the house in the opening address while presenting the Union Budget.

"India now has the lowest death rate and one of the lowest active coronavirus cases. This has laid the foundation to the revival, we are now seeing in the economy," India's finance minister said.

India's finance minister Nirmala Sitharaman on Monday presented the Modi government's Union Budget 2021 while asserting that this Budget has been created in "situations like never before" referring to the coronavirus pandemic.

India's finance minister Nirmala Sitharaman on Monday presented the Modi government's Union Budget 2021 while asserting that this Budget has been created in "situations like never before" referring to the coronavirus pandemic. Also Read: LIVE Union Budget 2021: Nirmala Sitharaman presents Union Budget in Parliament India's finance minister informed Parliament that the country has two vaccines currently and it has begun safeguarding not just itself but a hundred more countries. Sitharaman added that two more vaccines are expected soon. "There are signs that political strategic relations across the world are changing," India's finance minister informed the house in the opening address while presenting the Union Budget. "India now has the lowest death rate and one of the lowest active coronavirus cases. This has laid the foundation to the revival, we are now seeing in the economy," India's finance minister said.

Union Budget 2021: Two more vaccines expected soon, says Nirmala Sitharaman

Key facts about India's Union Budgets till date

Four basic things about India's budget, you need to know!

Reports said Myanmar military has taken control of the country for one year after the country's governing National League for Democracy (NLD) said that leader Aung San Suu Kyi and other senior figures were detained on Monday.

Watch:

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The military appointed an acting president to run the country while declaring a state of emergency in the country.

The development comes after reports of a coup for over a week amid growing tension between the civilian government and the military.

Reports said internet connections in the country were disrupted with phone lines to capital Naypyitaw not working. The military has reportedly been deployed outside city hall in the main city of Yangon.

Myanmar's military had said earlier that it will abide by the constitution and act according to the law of the country.&nbsp;

Meanwhile, the US government urged Myanmar's military to release detained officials.

White House spokeswoman Jen Psaki said in a statement: "The United States opposes any attempt to alter the outcome of recent elections or impede Myanmar's democratic transition, and will take action against those responsible if these steps are not reversed."

"We urge the military and all other parties to adhere to democratic norms and the rule of law, and to release those detained today," &nbsp;Jen Psaki added.

The NLD had swept the polls in November which was the second democratic elections in Myanmar, however, the military claimed there was widespread vote fraud.

Myanmar has seen two previous coups in 1962 and 1988 since its independence from Britain in 1948.

Reports said Myanmar military has taken control of the country for one year after the country's governing National League for Democracy (NLD) said that leader Aung San Suu Kyi and other senior figures were detained on Monday.

Reports said Myanmar military has taken control of the country for one year after the country's governing National League for Democracy (NLD) said that leader Aung San Suu Kyi and other senior figures were detained on Monday. Watch: The military appointed an acting president to run the country while declaring a state of emergency in the country. The development comes after reports of a coup for over a week amid growing tension between the civilian government and the military. Reports said internet connections in the country were disrupted with phone lines to capital Naypyitaw not working. The military has reportedly been deployed outside city hall in the main city of Yangon. Myanmar's military had said earlier that it will abide by the constitution and act according to the law of the country. Meanwhile, the US government urged Myanmar's military to release detained officials. White House spokeswoman Jen Psaki said in a statement: "The United States opposes any attempt to alter the outcome of recent elections or impede Myanmar's democratic transition, and will take action against those responsible if these steps are not reversed." "We urge the military and all other parties to adhere to democratic norms and the rule of law, and to release those detained today," Jen Psaki added. The NLD had swept the polls in November which was the second democratic elections in Myanmar, however, the military claimed there was widespread vote fraud. Myanmar has seen two previous coups in 1962 and 1988 since its independence from Britain in 1948.

Military takes control in Myanmar; Aung San Suu Kyi, senior leaders detained

India's finance minister<a href="https://www.wionews.com/india-news/union-budget-2021-nirmala-sitharaman-announces-rs-35000-crore-for-covid-19-vaccines-in-health-plan-360559"> Nirmala Sitharaman</a>&nbsp;while presenting the Union Budget 2021 announced the allocation of Rs 3,726 crore&nbsp;for the forthcoming census which will be the first digital census in the country.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Follow:&nbsp;LIVE Union Budget 2021-&nbsp;Senior citizens exempted from filing ITR</a>

Sitharaman also proposed a portal to collect information for gig-workers, building and construction workers&nbsp;among others.

The finance minister said the government is committed to bringing down fiscal deficit below 4.5 per cent of GDP by 2025-26. Sitharaman said the fiscal deficit has been pegged at 9.5 per cent of GDP during the current fiscal ending March 31 and 6.8 per cent in the next fiscal.

The government will borrow about Rs 12 lakh core in FY22, the finance minister said while presenting the Union Budget with expenditure pegged at Rs 34.83 lakh crore, including Rs 5.54 lakh crore of capital spending.

The government will to borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure, the finance minister announced.

The states to get 41 per cent share of taxes as per 15th Finance Commission recommendation, the finance minister informed with the government having accepted the recommendation.

Sitharaman said that <a href="https://www.wionews.com/business-economy/union-budget-2021-two-more-vaccines-expected-soon-says-nirmala-sitharaman-360542">COVID-19 </a>relief led to a rise in expenditure to Rs 34.50 lakh crore in the current fiscal as against Rs 30.42 lakh crore budgeted a year back.

"The pandemic resulted in weak revenue inflow and higher expenditure incurred to provide support for the economy and people," Sitharaman said.

The government also proposed the introduction of National Nursing and Midwifery Commission Bill and the setting up of Central university to be set up in Leh.&nbsp;

Sitharaman said the allocation for rural infrastructure development has been increased to Rs 40,000 crore in next fiscal from Rs 30,000 crore in FY21.

India's finance minister Nirmala Sitharaman while presenting the Union Budget 2021 announced the allocation of Rs 3,726 crore for the forthcoming census which will be the first digital census in the country.

India's finance minister Nirmala Sitharaman while presenting the Union Budget 2021 announced the allocation of Rs 3,726 crore for the forthcoming census which will be the first digital census in the country. Follow: LIVE Union Budget 2021- Senior citizens exempted from filing ITR Sitharaman also proposed a portal to collect information for gig-workers, building and construction workers among others. The finance minister said the government is committed to bringing down fiscal deficit below 4.5 per cent of GDP by 2025-26. Sitharaman said the fiscal deficit has been pegged at 9.5 per cent of GDP during the current fiscal ending March 31 and 6.8 per cent in the next fiscal. The government will borrow about Rs 12 lakh core in FY22, the finance minister said while presenting the Union Budget with expenditure pegged at Rs 34.83 lakh crore, including Rs 5.54 lakh crore of capital spending. The government will to borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure, the finance minister announced. The states to get 41 per cent share of taxes as per 15th Finance Commission recommendation, the finance minister informed with the government having accepted the recommendation. Sitharaman said that COVID-19 relief led to a rise in expenditure to Rs 34.50 lakh crore in the current fiscal as against Rs 30.42 lakh crore budgeted a year back. "The pandemic resulted in weak revenue inflow and higher expenditure incurred to provide support for the economy and people," Sitharaman said. The government also proposed the introduction of National Nursing and Midwifery Commission Bill and the setting up of Central university to be set up in Leh. Sitharaman said the allocation for rural infrastructure development has been increased to Rs 40,000 crore in next fiscal from Rs 30,000 crore in FY21.

Union Budget 2021: Sitharaman announces first digital census; central university in Leh

After presenting the Union Budget 2021, India's finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-tablet-replaces-bahi-khata-in-sitharamans-paperless-budget-360520">Sitharaman </a>said disinvestment will continue with Life Insurance Corporation(LIC)&nbsp;to launch an<a href="https://www.wionews.com/business-economy/union-budget-2021-lic-ipo-in-2021-22-fdi-in-insurance-increased-360578"> IPO</a> this year.

Watch:

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Nirmala Sitharaman asserted that disinvestment will continue.

"We see the future where the government DFIs will be competing with the private DFIs," Sitharaman said during the post-Budget press conference.

"Equally important are the reforms that we are bringing in the financial sector. We have made some progressive steps in the financial sector," India's <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">finance minister</a> asserted.

"If there are two important features of this Budget, it is that we chose to spend big on infrastructure which spans across roads, power generation, bridges and ports," Sitharaman said, adding,"the Budget comes at a time when all of us decided to give impetus to the economy and that impetus, we thought, would be qualitatively spent and give necessary demand push if we choose to spend big on infrastructure."

"As a second feature, I looked at the healthcare sector and even there, capacities for better health management had to be brought in due to what we had gone through last year," India's finance minister said.

After presenting the Union Budget 2021, India's finance minister Nirmala Sitharaman said disinvestment will continue with Life Insurance Corporation(LIC) to launch an IPO this year.

After presenting the Union Budget 2021, India's finance minister Nirmala Sitharaman said disinvestment will continue with Life Insurance Corporation(LIC) to launch an IPO this year. Watch: Nirmala Sitharaman asserted that disinvestment will continue. "We see the future where the government DFIs will be competing with the private DFIs," Sitharaman said during the post-Budget press conference. "Equally important are the reforms that we are bringing in the financial sector. We have made some progressive steps in the financial sector," India's finance minister asserted. "If there are two important features of this Budget, it is that we chose to spend big on infrastructure which spans across roads, power generation, bridges and ports," Sitharaman said, adding,"the Budget comes at a time when all of us decided to give impetus to the economy and that impetus, we thought, would be qualitatively spent and give necessary demand push if we choose to spend big on infrastructure." "As a second feature, I looked at the healthcare sector and even there, capacities for better health management had to be brought in due to what we had gone through last year," India's finance minister said.

Union Budget 2021: We chose to spend big on infrastructure, says India's finance minister Nirmala Sitharaman

After finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday, India's Prime Minister Narendra Modi in an address to the nation said the <a href="https://www.wionews.com/business-economy/union-budget-2021-22-personal-tax-untouched-healthcare-infrastructure-in-focus-360610">Budget</a> was presented amid unprecedented circumstances.

Watch:

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"The Budget taps into India's unexplored potential, PM Modi said, adding," the focus of this<a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606"> Budget</a> was on transparency."

"Budget 2021 enhances India's self-confidence and will instill confidence in the world," PM Modi said in his post-Budget speech while asserting that it will boost job creation.

<a href="https://www.wionews.com/business-economy/union-budget-2021-lic-ipo-in-2021-22-fdi-in-insurance-increased-360578">Also Read:&nbsp;LIC IPO in 2021-22; FDI in insurance increased</a>

"Budget has the vision of self-reliance and features every section of the society," he said.

"Budget will bring several positive changes for individuals, investors, industry and infrastructure sector," the prime minister added.

The Indian PM said it is a "pro-active Budget" that boost to wealth as well as wellness and which contains the vision of "self-reliance" and "inclusiveness".

<a href="https://www.wionews.com/business-economy/union-budget-2021-22-personal-tax-untouched-healthcare-infrastructure-in-focus-360610">Follow:&nbsp;Blog - Personal tax untouched; healthcare, infrastructure in focus</a>

"Budget aims to widen new opportunities for growth, new openings for youth and a new high for&nbsp;human resources," the Indian PM added.

After finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday, India's Prime Minister Narendra Modi in an address to the nation said the Budget was presented amid unprecedented circumstances.

After finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday, India's Prime Minister Narendra Modi in an address to the nation said the Budget was presented amid unprecedented circumstances. Watch: "The Budget taps into India's unexplored potential, PM Modi said, adding," the focus of this Budget was on transparency." "Budget 2021 enhances India's self-confidence and will instill confidence in the world," PM Modi said in his post-Budget speech while asserting that it will boost job creation. Also Read: LIC IPO in 2021-22; FDI in insurance increased "Budget has the vision of self-reliance and features every section of the society," he said. "Budget will bring several positive changes for individuals, investors, industry and infrastructure sector," the prime minister added. The Indian PM said it is a "pro-active Budget" that boost to wealth as well as wellness and which contains the vision of "self-reliance" and "inclusiveness". Follow: Blog - Personal tax untouched; healthcare, infrastructure in focus "Budget aims to widen new opportunities for growth, new openings for youth and a new high for human resources," the Indian PM added.

Budget 2021 enhances India's self-confidence, says PM Modi

The government on Monday announced slashing of import duties in the <a href="https://www.wionews.com/business-economy/union-budget-2021-sitharaman-proposes-agricultural-infrastructure-cess-of-rs-25-per-litre-on-petrol-rs-4-on-diesel-360619">Union Budget 2021</a> on a number of steel items in order to provide relief to MSMEs which have been hit hard by high cost of raw materials.

Finance Minister Nirmala Sitharaman in her Budget speech for 2021-22 said the anti-dumping duty (ADD) and countervailing duty (CVD) have also been revoked on certain steel products.

"MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices. Therefore, we are reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels," &nbsp;Sitharaman said.

"To provide relief to metal re-cyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to 31st March, 2022. I am also revoking ADD and CVD on certain steel products. Also, to provide relief to copper re-cyclers, I am reducing duty on copper scrap from 5 per cent to 2.5 per cent," India's finance minister added.

The minister also announced increasing duty on steel screws and plastic builder wares from 10 per cent to 15 per cent.&nbsp;

The government on Monday announced slashing of import duties in the Union Budget 2021 on a number of steel items in order to provide relief to MSMEs which have been hit hard by high cost of raw materials.

The government on Monday announced slashing of import duties in the Union Budget 2021 on a number of steel items in order to provide relief to MSMEs which have been hit hard by high cost of raw materials. Finance Minister Nirmala Sitharaman in her Budget speech for 2021-22 said the anti-dumping duty (ADD) and countervailing duty (CVD) have also been revoked on certain steel products. "MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices. Therefore, we are reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels," Sitharaman said. "To provide relief to metal re-cyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to 31st March, 2022. I am also revoking ADD and CVD on certain steel products. Also, to provide relief to copper re-cyclers, I am reducing duty on copper scrap from 5 per cent to 2.5 per cent," India's finance minister added. The minister also announced increasing duty on steel screws and plastic builder wares from 10 per cent to 15 per cent.

Budget 2021: Government slashes customs duty on steel products to boost MSMEs

The BSE <a href="https://www.wionews.com/business-economy/union-budget-2021-sensex-surges-over-900-points-as-sitharaman-presents-budget-360511">Sensex</a> surged over 2,200&nbsp;points to trade at&nbsp;48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Also Follow: Live Updates - Senior citizens exempted from filing ITR</a>

Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&amp;M and SBI.

India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.

The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister had said during the Budget speech.

The BSE Sensex had shot up over 900 points as Nirmala Sitharaman presented the Union Budget. The BSE Sensex had surged over 400 points in early trade ahead of the Budget.

The Nifty up 114.85 points at 13,749.45 in early trade.

The BSE Sensex surged over 2,200 points to trade at 48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday. Also Follow: Live Updates - Senior citizens exempted from filing ITR Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI.

The BSE Sensex surged over 2,200 points to trade at 48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday. Also Follow: Live Updates - Senior citizens exempted from filing ITR Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI. India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22. The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister had said during the Budget speech. The BSE Sensex had shot up over 900 points as Nirmala Sitharaman presented the Union Budget. The BSE Sensex had surged over 400 points in early trade ahead of the Budget. The Nifty up 114.85 points at 13,749.45 in early trade.

Union Budget 2021: Sensex surges over 2,200 points as bank stocks soar

Finance minister Nirmala Sitharaman while presenting the Union <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Budget</a> 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods.&nbsp;

Watch:

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The government announced agricultural infrastructure cess of 17.5 per cent on crude palm oil, 20 per cent on crude soyabean and sunflower oil.

&nbsp;"Consequent to the imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden," <a href="https://www.wionews.com/business-economy/union-budget-2021-sitharaman-announces-first-digital-census-central-university-in-leh-360591">Sitharaman</a> said during the Budget speech.

Agricultural infrastructure cess of 2.5 per cent has been imposed on gold, silver and dore bars including 35 per cent on apples, 5 per cent on specified fertilizer and 1.5 per cent on coal, lignite and peat.

Agricultural infrastructure cess of 30 per cent has been imposed on kabuli chana, 10 per cent on peas, 50 per cent on Bengal gram/chick peas, 20 per cent on lentil (mosur) and 5 per cent on cotton was imposed in the <a href="https://www.wionews.com/india-news/union-budget-2021-nirmala-sitharaman-announces-rs-35000-crore-for-covid-19-vaccines-in-health-plan-360559">Budget</a>.

The finance minister also imposed agricultural infrastructure of Rs 2.5 per litre cess on petrol and Rs 4 on diesel.

Finance minister Nirmala Sitharaman while presenting the Union Budget 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods. Watch: The government announced agricultural infrastructure cess of 17.

Finance minister Nirmala Sitharaman while presenting the Union Budget 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods. Watch: The government announced agricultural infrastructure cess of 17.5 per cent on crude palm oil, 20 per cent on crude soyabean and sunflower oil. "Consequent to the imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden," Sitharaman said during the Budget speech. Agricultural infrastructure cess of 2.5 per cent has been imposed on gold, silver and dore bars including 35 per cent on apples, 5 per cent on specified fertilizer and 1.5 per cent on coal, lignite and peat. Agricultural infrastructure cess of 30 per cent has been imposed on kabuli chana, 10 per cent on peas, 50 per cent on Bengal gram/chick peas, 20 per cent on lentil (mosur) and 5 per cent on cotton was imposed in the Budget. The finance minister also imposed agricultural infrastructure of Rs 2.5 per litre cess on petrol and Rs 4 on diesel.

Union Budget 2021: Sitharaman proposes agricultural infrastructure cess of Rs 2.5 per litre on petrol, Rs 4 on diesel

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well.

The astronomical jump was driven by a group of Netizens who were out to teach the bankers at Wall Street a lesson.

On January 25, one share of American company GameStop corp was selling at close to $43, however, on January the price shot up to $469 - a whopping jump of more than two thousand per cent in four days.

GameStop is one of the world's biggest video game retailers but on Wall Street the market for GameStop stock is a battleground between financial elite and small investors which is exactly what some of the major hedge funds wanted to do with GameStop that is bet on the decline of the company to make money.

In other words, selling short but these Wall Street traders got torched by this trade. Short sellers lost more than $5 billion betting against GameStop which includes names like point72 asset management that lost nearly 15 per cent of its fund over this trade.

Andrew Left's Citron capital suffered a loss of 100 per cent over the Gamestop trade, Melvin Capital needed a $2.8 billion injection to save itself. The big traders were defeated at their own game by small traders.

It all began with Wall Street bets an internet forum on Reddit that decided to teach Wall Street a lesson after online traders, mom-and-pop investors and small brokers decided to buy GameStop shares. For many of these traders this was about punishing Wall Street for the financial collapse of 2008.

An army of small investors pushed the stock to record highs leading to a massive jump in Gamestop's market value from $2 billion to $24 billion while the big investors saw the money they bet against GameStop evaporate.

The volatile trading led to high drama forcing the Biden administration and the US Securities and Exchange Commission to start monitoring the situation.

Robinhood, the app used by many of the small investors to buy GameStop shares began blocking buys from fresh purchases. Some American lawmakers have now demanded an investigation into this halt. The bet against GameStop has left Wall Street traders burnt. The entire affair is a reminder that market investments remain a risky business.

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well.

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well. The astronomical jump was driven by a group of Netizens who were out to teach the bankers at Wall Street a lesson. On January 25, one share of American company GameStop corp was selling at close to $43, however, on January the price shot up to $469 - a whopping jump of more than two thousand per cent in four days. GameStop is one of the world's biggest video game retailers but on Wall Street the market for GameStop stock is a battleground between financial elite and small investors which is exactly what some of the major hedge funds wanted to do with GameStop that is bet on the decline of the company to make money. In other words, selling short but these Wall Street traders got torched by this trade. Short sellers lost more than $5 billion betting against GameStop which includes names like point72 asset management that lost nearly 15 per cent of its fund over this trade. Andrew Left's Citron capital suffered a loss of 100 per cent over the Gamestop trade, Melvin Capital needed a $2.8 billion injection to save itself. The big traders were defeated at their own game by small traders. It all began with Wall Street bets an internet forum on Reddit that decided to teach Wall Street a lesson after online traders, mom-and-pop investors and small brokers decided to buy GameStop shares. For many of these traders this was about punishing Wall Street for the financial collapse of 2008. An army of small investors pushed the stock to record highs leading to a massive jump in Gamestop's market value from $2 billion to $24 billion while the big investors saw the money they bet against GameStop evaporate. The volatile trading led to high drama forcing the Biden administration and the US Securities and Exchange Commission to start monitoring the situation. Robinhood, the app used by many of the small investors to buy GameStop shares began blocking buys from fresh purchases. Some American lawmakers have now demanded an investigation into this halt. The bet against GameStop has left Wall Street traders burnt. The entire affair is a reminder that market investments remain a risky business.

How GameStop stocks surge exposed Wall Street elites

The animosity between Apple and Facebook goes way back. These companies don't really compete with each other they are two mammoth technology companies and that's where their similarities end.

Almost all of Facebook's revenue comes from advertising while Apple makes most of its money by selling gadgets. Both companies pose no direct threat to each other but it seems they just cannot stand each other.

The fight began as early as 2010 when Steve Jobs the founder of Apple had a piece of advice for Facebook CEO Mark Zuckerberg.

Jobs while answering a question on user privacy, said: "Privacy means people know what they're signing up for, in plain English and repeatedly."

While he did not name Facebook, Mark Zuckerberg was sitting in the audience when Steve Jobs uttered those words.

Four years after that event, Zuckerberg was the subject of a cover story in the Time magazine when the Facebook founder chose the opportunity to respond to Apple. He called Apple's take on privacy "a ridiculous concept".

"What, you think because you're paying Apple that you're somehow in alignment with them. If you were in alignment with them, then they'd make their products a lot cheaper," he said.

Apple and Facebook have been fighting over users. They are competing for the attention and loyalty of users.

It seems Facebook is paranoid about the influence that Apple wields over its users.

In 2019, &nbsp;Apple blocked Facebook from running its internal IoS Apps. It was a nightmare for 35,000 Facebook employees. They couldn't even perform the most basic tasks at work and their calendars didn't work.

They couldn't check the company's shuttle service schedule. The reason behind the crackdown was Facebook which had launched a research app that allegedly allowed it to snoop on the online activity of users.

Apple refused to allow Facebook to run this app on its platform. Ultimately, the app was taken down. The message was clear: Facebook will not get a free pass from Apple. CEO Tim Cook has often used his public appearances to send an indirect message to Facebook.

Perhaps, it has made Mark Zuckerberg realise where the true power in the tech industry lies. Facebook makes the apps that run the world's biggest social network but Apple controls the distribution of apps.

While Android dominates the mobile computing market, Apple's IoS is second and Apple products are often seen in the hands of the wealthy and the influential.

It has a loyal customer base that remains in the Apple ecosystem. The clash between Apple and Facebook is cultural and personal. 
&nbsp; 
However, now both these companies increasingly look like monopolies fighting each other to influence the future of the tech industry and dictate the rules that users must follow to keep using their innovations.

The animosity between Apple and Facebook goes way back. These companies don't really compete with each other they are two mammoth technology companies and that's where their similarities end.

The animosity between Apple and Facebook goes way back. These companies don't really compete with each other they are two mammoth technology companies and that's where their similarities end. Almost all of Facebook's revenue comes from advertising while Apple makes most of its money by selling gadgets. Both companies pose no direct threat to each other but it seems they just cannot stand each other. The fight began as early as 2010 when Steve Jobs the founder of Apple had a piece of advice for Facebook CEO Mark Zuckerberg. Jobs while answering a question on user privacy, said: "Privacy means people know what they're signing up for, in plain English and repeatedly." While he did not name Facebook, Mark Zuckerberg was sitting in the audience when Steve Jobs uttered those words. Four years after that event, Zuckerberg was the subject of a cover story in the Time magazine when the Facebook founder chose the opportunity to respond to Apple. He called Apple's take on privacy "a ridiculous concept". "What, you think because you're paying Apple that you're somehow in alignment with them. If you were in alignment with them, then they'd make their products a lot cheaper," he said. Apple and Facebook have been fighting over users. They are competing for the attention and loyalty of users. It seems Facebook is paranoid about the influence that Apple wields over its users. In 2019, Apple blocked Facebook from running its internal IoS Apps. It was a nightmare for 35,000 Facebook employees. They couldn't even perform the most basic tasks at work and their calendars didn't work. They couldn't check the company's shuttle service schedule. The reason behind the crackdown was Facebook which had launched a research app that allegedly allowed it to snoop on the online activity of users. Apple refused to allow Facebook to run this app on its platform. Ultimately, the app was taken down. The message was clear: Facebook will not get a free pass from Apple. CEO Tim Cook has often used his public appearances to send an indirect message to Facebook. Perhaps, it has made Mark Zuckerberg realise where the true power in the tech industry lies. Facebook makes the apps that run the world's biggest social network but Apple controls the distribution of apps. While Android dominates the mobile computing market, Apple's IoS is second and Apple products are often seen in the hands of the wealthy and the influential. It has a loyal customer base that remains in the Apple ecosystem. The clash between Apple and Facebook is cultural and personal. However, now both these companies increasingly look like monopolies fighting each other to influence the future of the tech industry and dictate the rules that users must follow to keep using their innovations.

When Steve Jobs took a dig at Zuckerberg's Facebook over privacy issue

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Zee News Rajasthan

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Rustam

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