10 Most Expensive Failures in the History of Mankind

Never underestimate the stupidity of financial decisions. Not everyone gets a chance to be rich, but there are some who miss out the chance to be rich for they thought their investment wouldn’t be a successful one. So let’s check out some of such disasters.

1. Ronald Wayne & Apple Inc

Ronald Wayne would have been a billionaire | Pic Courtesy: CNN Money

Though Steve Jobs was always in the limelight, not so visible Steve Wozniak and Ronald Wayne were equally instrumental to create the company, Apple. Ronald Wayne wasn’t sure of his investment due to previous bad decisions and guess what, he wasn’t too optimistic with Apple either, which is why Ronald sold his shares in Apple for $800, just 11 days after the company was formed.

Had he not been so hasty, his shares would be worth more than £25 billion at current rates. Not such a wise decision Mr Ronald ha!

2. Mars Climate Orbiter

Credit: unleesh.com

NASA Mars orbiter disintegrated in the atmosphere, costing the space agency a whopping $125 mn

NASA lost $125 million as its Mars Climate Orbiter couldn’t sustain due to a silly mistake, as a result, it disintegrated upon entrance into the atmosphere. The standard practice by NASA was to calculate force into Newton while the engineer who had built the aircraft calculated the propulsion force in pounds and no one even cared to verify this and just assumed that it was already taken care of.

Tsar Alexander II wondering why he sold Alaska | Pic credits: hepandorasociety.com

3. Tsar Alexander II & Alaska

The United States was sold Alaska by the Tsar Alexander II for merely $7.2 million. Tsar Alexander was afraid that US would invade (oh US!) Alaska. Fearing the forceful takeover the Tsar decided to sell it in March 1867. Today, the resources that Alaska has is worth billions, thankfully Tsar Alexander II is not alive to witness his bad financial decision.

Never let your husband throw a lottery ticket if you already bought one | Credit: WOODTV.com

4. Unclaimed Lottery Ticket

Ouch! Imagine someone’s husband throwing the lottery ticket, the very same ticket that would have won the couple a fortune worth around £116 million. This happened in 2010 with a British couple. The woman whose lottery ticket won the prize, didn’t own the ticket anymore because it was thrown away in the trash by her husband. Wondering whether they are still married? 😛 well, let us know in the comment section!

Star Wars – The unknown financial secret | Pic Credit: The Boogaloo Crews

5. Star Wars Franchise

Well, who can doubt the success that surrounds the Star Wars franchise, but it wasn’t so in the early days when 20th Century Fox thought otherwise and lessened the directing fees for George Lucas and handed over the director licensing rights too.

Today, if you were to calculate the money those rights would have bought,  it would be roughly £13 billion. Go figure!

Xerox couldn’t control a mouse dammit! |Pic credit: ExtremeTech

6. Xerox and it’s Mouse

Ever wondered who created the computer mouse? Well, it was Xerox, but unfortunately, it could never cash in with that tool. In 1970 Xerox had created a computer that could be controlled by a mouse, but they never sold it. So who really enjoyed this technology?

Steve Jobs! Yup, he and other fellows from Apple Inc were invited by Xerox for which Apple Inc paid $1 million worth of Apple’s shares. Sometime later, Steve Job’s company launched the concept which in turn was a huge success.

Well if Xerox would have held the rights, they would be sitting on an incredible pile of £355 billion, but bad luck for them because their share value is somewhere around £9 billion, not bad but, you know….

James Howell sold
what could have been a bright future with Bitcoin| Pic Credit: Steemit

7. James Howell and Bitcoin

James Howell, a citizen of United Kingdom had accumulated 7,500 bitcoins in his hard drive in 2009. What he couldn’t do was to handle it with care. So one day, this man ends up spilling a drink (stupid!) on the drive and then trashed it. Now in 2013, Mr James realised the worth of that hard drive that had the bitcoins, but it was too late. He made desperate efforts to locate it, but why do you think he is on our loser’s list?

In 2013, his bitcoins were worth £3.8 million.

Contrary to what the makers claimed, Titanic ship sank |Pic Credit: IrishCentral

8. The Titanic – The not so ‘Unsinkable’

Guess you already know what’s going to be listed here, so lets cut the crap and figure the figures.

Titanic Movie –  $200,000,000

Titanic Ship – $7,500,000

McDonalds and Arch Deluxe has a sad history |Pic credit: The Daily Meal

9. Mc Donalds and Something they are up to

Just like not all eateries are going to make you money, similarly, not every experiment of an established eatery is going to fetch them money. Do you want a proof? Just McAsk!

‘Arch Deluxe Sandwich’, named after Arch sauce, became the Achilles heel for Mc Donalds when it debuted in 1996. The cost of this sandwich was costlier than the costlier than any other product and flopped big time. According to Business Insider, they are bringing it back, so let’s wish them good luck.

$200 million was spent on the advertisement by McDonald’s before they stopped producing it anymore.

DaimlerChrysler AG- We couldn’t find a better image| Pic Credit: manager-magazin.de

10. DaimlerChrysler AG

Daimler AG, German auto giant know for making luxury cars like Mercedes Benz, created DaimlerChrysler AG along with Chrysler, that cost them around £23.2 billion. The investment ended up being fruitless for in 2007, DaimlerChrysler sold off over 80% shares for £4.7 billion to Cerberus Capital Management.

That’s all for now folks. It’s always fun to know about other’s losses until the day it becomes ours, so watch out.

PS: Don’t forget to let us know your views. It’s always good to learn 🙂

 

$618 Billion Defence Bill will push US-India Defence ties

Image sorce: indianembassy.org

On December 24, US President Barack Obama signed a $618 billion defence policy bill. In this policy, there are mentions to US-India security co-operation.

Here are 5 most important things you need to know about this bill.

  1. This bill, known as the National Defence Authorisation Act (NDAA) was passed by the US House of Representatives and the Senate.

The bill talks about US security relations with Pakistan by saying that US will refocus” its security assistance with its cold war ally.

The bills says that it NDAA will “refocus security assistance to Pakistan on activities that directly support US national security interests and condition a significant portion of funding on a certification from the secretary of defence that Pakistan is taking demonstrable steps against the Haqqani Network in Pakistan territory.”

  1. Guantanamo Bay Facility

Obama’s big target of closing the brutal Guantanamo Bay Facility will not be achieved as the NDAA bill lays restrictions on Guantanamo Bay facility detainees being transferred.

  1. Army and Marine Corps

The NDAA bill authorizes 4, 76,000 active duty soldiers, increase of 16000 from earlier authorisation. The bill also authorises 1, 85,000 Marines, again an increase of 3000 more.

  1. US-India security co-operation

NDAA also promises to enhance security ties with India. This was categorized under the bill in “Supporting Allies and Partner” section.

  1. Increase in Funding

The bill also increased the base funding by $3.2 billion. It also calls for $5.8 billion more in war money requested by the White House.

Can India be Income Tax free?

There is a national debate on abolishment of income tax in India, but is that possible and if it’s possible, is the government willing to do so?

If income tax was removed, there wouldn’t be a question of paying income tax or running away from it, thus legitimizing the money. Thus, no black money remains in the market apart from that of crime.

Since only 4% of Indian population pays income tax, the impact will be limited to the amount of 3 lakh cores that is generated though income tax.

This will also increase hugely, the amount deposited in banks because people will be freely willing to declare their income through their bank accounts and increase savings. This is not possible, it income tax is levied for people evade the tax and thus black money is generated.

Since the bank deposits will shoot up, the interest rates will also decline on loans.

Congress  leader  Sandeep Diksht said that the fear that lurks due to tax terrorism  and income tax officers going everywhere conducting searches is a problem for the people. Income tax officers are not known to be kind and honest in their activities and most of the times people are acquitted after contracts between the culprits and income tax authorities evading justice.

Income tax accounts for about 3 percent of the total GDP income of the country. There has been a failure from the govt to keep a check on the income tax evaded by the people. This has been a great backlog of the Indian economy where black income plays a major role and has its own economic system.

Monaco, Bermuda, Bahamas, Andora and UAE are some countries who have abolished income tax.

Congress leader Salman Soz said to News X that this idea is totally immature since income taxes are considered as progressive taxes. If a person earns more then he must pay higher tax. If it’s gone, then a poor man and a rich man will be paying the same amount of indirect tax which is unfair.

How industrial revolution changed the world

Industrial revolution saw the epitome of human intelligence, as a result innovations of industrial revolution paved the way for modern human lifestyle.

Until seventeenth century, most labour occupations were limited to work on fields. Labourers worked on lands of the aristocrats (the ones who owned land) and that was their only livelihood. Although the lives of aristocrats were elegant and full of leisure, servants were always at their disposal, be it for raising their children or taking their dogs for a walk. The lives of both were interdependent and the system had been there long enough to forget for those in service to not know when it all started.

The innovations that followed, mostly in United States and Britain significantly altered this system and put in place a new system that was momentous and game changing.

Inventors built machines for different kinds of work, like ones powered by water, steam and coal. The most important ones being steam engine, electricity, telephone, telegraph and so on.

  1. James Watt did not invent the Steam Engine

The first patent done against a steam engine was by Jerónimo de Ayanz y Beaumont in 1606. Beaumont was a Spanish inventor.

It was more than 150 years later, that James Watt invented a steam engine that could rotate continuously. This was a historic development in the invention since the invention and thus invention of steam engine is highly attributed to James Watt rather than Beaumont.

  1. Traveling show had encouraged the idea of anesthesia

Horace wells while watching a traveling show saw an acquaintance get injured while being high on laughing gas (nitrous oxide). He asked the man later if he did not feel the pain. To his surprise, the man said no. He tested the gas on himself and asked the organizer of the show, Gardner Colton to remove his molar. After experimenting it successfully on himself, he then tried it on his patients.

  1. It took eight hours to get the first photograph

A French inventor, Nicephore Niepce, in the 1820s, created the first photograph by exposing light sensitive chemicals coated on a paper. He exposed the paper to the image projected by the camera obscura and we got one of the first images ever recorded. Though there were many, but eventually got destroyed and thus, Le Gras by Nicephore remains the oldest surviving photograph.

Important: Top 5 Emerging Banking Trends in 2017 You Must Know

Source: livemint.com

The year 2016 was a turbulent and path-bearer one for the banks, stock markets and NBFCs (Non-Banking Financial Institutions). First the Brexit announcement in the middle of the year and then the dual co-incidence of Donald Trump’s victory followed by Prime Minister Narendra Modi’s demonetization scheme – have affected the banking industry to a certain extent for sure.

In November, once the Demonetisation decision of the old notes of higher denominations of 500 and 1000 INR was announced, people immediately went frenzy. The banks were instantly flooded with the currency notes of 500 and 1000 INR as both currency notes ceased to remain a legal tender anymore.

These two notes constituted around 85% of the nation’s currency in circulation, so after the demonetization decision, a nation-wide cash crunch situation ensued. It was further aggravated due to long queues at banks branches and ATMs followed by the limit on cash withdrawals from bank accounts.

Banks are overburdened with liquid cash now and they have to put them for investment purposes and productive uses. Some major banking trends are ready to take place in the coming days. However, the scene will actually become crystal clear only after the union budget 2017.

Upcoming Banking Trends 2017

  • Entry of Payment Banks: Many new banks are expected to launch in the coming year. Around 10 small finance banks and eight payment banks will be launched very soon in 2017. Airtel Payments bank has already started its operation in Rajasthan, and it will soon begin its nation-wide operation too. Currently, it offers 7.25% interest rate on saving accounts (against normal 4% offered by other banks).
  • More Loans and Advances: With the banks obtaining an enormous pool of surplus money in the form of deposits, there is no doubt that the New Year will see a sharp rise in loans and advances by the private and public sector banks. Though private sector banks are more liberal towards offering loans, but after demonetization, public sector banks will also start giving more loans to customers with fewer paper works, formalities and processing time.
  • Promotion of Electronic wallets: For transaction purposes, people will now get their electronic wallets linked to bank accounts for smoother transactions. Mobile apps and e-wallets like paytm and freecharge will get a massive boost in 2017. People will keep lesser cash in their pockets and may pay more via paytm and other apps.
  • The Merger of SBI and associates: Next year, India’s largest bank – the SBI (State Bank of India) and its five associates might merge for easier banking operation and more flexibility. This will empower the SBI and its associates to take greater risk and offer more loans to customers.
  • Changing Trends in Microfinance Industry: India’s Rs. 60,000 plus microfinance industry will get a complete makeover soon. These micro financial institutions mostly do their transactions on a cash basis but after the Modi’s demonetisaion announcement they will move towards cheque and bank transfer for transaction purposes. Advancement of loans and their repayments are also expected to go paperless. MFIs are shifting towards offering payment via mobile apps and bank transfer. This will keep the customers in the loop and prevent further bad debt and cheating.

Though people are expected to be largely benefitted by such expected banking trends in 2017, but only the time will reveal the actual benefits of these banking trends for customers in reality.