India or Indonesia? Elon Musk is scouting out sites to make more Teslas for global roads. 
After months of a tiff with the Indian govt surrounding the cut in import duty for EVs, the chances of Musk making India the hub for Tesla production in Asia look bleak, at least for now.
Indonesia, which has the world’s biggest nickel reserves and is keen to develop a nickel-based EV industry at home, has been trying to secure a deal with Tesla for years on battery investment and potentially for Musk's SpaceX aerospace company.Why Indonesia?In recent months, Indonesia has grabbed the attention of several battery and car manufacturers through its variety of incentives. The country, which has the world's most extensive nickel reserves, wants to build a complete supply chain for extracting battery chemicals from the metal rather than simply exporting it.With a friendly policy bolstering the country’s EV goals, manufacturers have started committing billions of dollars. LG Energy Solution, along with other companies, is investing about $9 billion to set up a supply chain, from mining to manufacturing, in the country. Together with Hyundai Motor Co., the firm is developing a battery plant, too, as per a Bloomberg report.

Not India, Elon Musk may choose Indonesia as Tesla's production hub

Tesla manufacturing: India's loss, Indonesia's gain?

Indonesia's government said in a statement that President Joko Widodo met Tesla Inc Chief Executive Elon Musk in Texas.

India or Indonesia? Elon Musk is scouting out sites to make more Teslas for global roads.&nbsp;
Dissatisfied with India's high import duties and lack of an ecosystem to support EV sales,&nbsp;Musk is exploring other locations in Asia for a Tesla factory. And Indonesia could mark the spot. Also read/ watch|&nbsp;<a title="LIC IPO listing tomorrow: What does the grey market say" href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856">LIC IPO listing tomorrow: What does the grey market say</a> Bloomberg&nbsp;reports that Elon&nbsp;Musk&nbsp;met with Indonesian President Joko Widodo at the rocket manufacturer&rsquo;s site in Boca Chica, Texas, over the weekend, during which Widodo extended an invite for the CEO.&nbsp; Musk as per a statement released by the President's office is looking at visit&nbsp;&ldquo;Hopefully in November" Also read/watch|<a title=" Adani to acquire Ambuja Cement and ACC from Holcim" href="https://www.editorji.com/business-news/markets/adani-to-acquire-ambuja-cement-and-acc-from-holcim-1652636823053"> Adani to acquire Ambuja Cement and ACC from Holcim</a> Indonesia, which has the world&rsquo;s biggest nickel reserves and is keen to develop a nickel-based EV industry at home, has been trying to secure a deal with Tesla for years on battery investment and potentially for Musk's SpaceX aerospace company.

India has taken a bold step to amidst a global food crisis to ban all wheat exports with immediate effect. India which is the second largest producer of wheat was flooded with requests from countries for wheat and has tonnes to spare so why was this ban imperative ? Editorji Explains: 

The government said the move was made in order to “manage the overall food security of the country"
Atta prices in India saw the biggest surge in 11 years in Apri on increased demand
Though buffer stock remains adequate in India, the heatwave has reduced crop production estimates 
Excessive heat typically shrivels grains almost ready for harvest
Price rise for wheat adds pressure to MSP pricing for the govt as well
MSP for this season was fixed at Rs 2,015 per 100 kg while current wheat price in India, at around Rs 2,400 per 100 kg
Countries in wheat trade agreements with Ukraine are now turning to India to ensure supplies adding to domestic pressure 


EJ Explains| Why India has banned wheat exports 

Among the four metros, the average wheat flour retail price was the highest in Mumbai at Rs 49 per kg, followed by Chennai at Rs 34, Kolkata Rs 29, and Delhi Rs 27.

India has taken a bold step to amidst a global food crisis to ban all wheat exports with immediate effect. India which is the second largest producer of wheat was flooded with requests from countries for wheat and has tonnes to spare so why was this ban imperative ? Editorji&nbsp;Explains:&nbsp;
<ul>
<li>The government said the move was made in order to &ldquo;manage the overall food security of the country"</li>
<li>Atta prices in India saw the biggest&nbsp;surge in 11 years in Apri on increased demand</li>
<li>Though buffer stock remains adequate in India, the heatwave&nbsp;has reduced crop production estimates&nbsp;</li>
<li>Excessive heat typically shrivels grains almost ready for harvest</li>
<li>Price rise for wheat adds pressure to MSP pricing for the govt as well</li>
<li>MSP&nbsp;for this season was fixed at Rs 2,015 per 100 kg while&nbsp;current wheat price in India, at around Rs 2,400 per 100 kg</li>
<li>Countries in wheat trade agreements with Ukraine are now turning to India to ensure supplies adding to domestic pressure&nbsp;</li>
<li>Consumer price inflation in India has soared to a 8 year high&nbsp;</li>
<li>India already battling imported inflationary pressures due to high prices of crude</li>
</ul>

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification.
"The export policy of wheat … is prohibited with immediate effect…," the DGFT said in a notification dated May 13.
It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
India is the second largest producer of wheat globally and pressures on prices have surged with the top producer Ukraine being hit by war. Ukraine produces about a fifth of the world's high grade wheat and 7% of all wheat. 
Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.
But domestically the price rise pressure on basic stables such as atta, bread and even biscuits is showing up. Wheat flour or Atta, the most commonly used food item in Indian kitchens, has seen rates reach a decade high. All India's monthly average retail price of wheat flour stood at Rs 32.38 per kg in April, the highest since January 2010.

India bans export of wheat with immediate effect, DGFT notifies export ban 

Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.

India bans export of wheat as prices soar domestically

India has prohibited wheat exports with immediate effect, the government said in a notification&nbsp;

India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification.
"The export policy of wheat &hellip; is prohibited with immediate effect&hellip;," the DGFT said&nbsp;in a notification dated May 13.
It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
India is the second largest producer of wheat globally and pressures on prices have surged with the top producer Ukraine being hit by war.&nbsp;Ukraine produces about a fifth of the world's high grade wheat and 7% of all wheat.&nbsp;
Many countries had already approached India for wheat imports, including Turkey, Egypt, Israel, Oman, Nigeria and South Africa.
But domestically the price rise pressure on basic stables such as atta, bread and even biscuits is showing up.&nbsp;Wheat flour or Atta, the most commonly used food item in Indian kitchens, has seen rates reach a decade high. All India's monthly average retail price of wheat flour stood at Rs 32.38 per kg in April, the highest since January 2010.

Inflation in India has been above 6% mark for three months and RBI Governor Shaktikanta Das warned that April's print is not pleasing as well. 

RBI Governor Shaktikanta Das warns of much higher food prices despite repo rate hike shock

Governor raises the red flag for inflation: Looking ahead, food inflation pressures are likely to continue. Food price indices of the Food and Agriculture Organisation (FAO) and the World Bank touched historical highs in March and remain elevated. Spillovers from global wheat shortages are impacting domestic prices, even though domestic supply remains comfortable.

Watch! RBI Governor Shaktikanta Das warns of touger times ahead

RBI has hiked the repo rate by 40 bps up to 4.40% from 4% earlier.
&nbsp;

High inflation to inflated EMI&nbsp;payouts, the Reserve Bank of India(RBI)&nbsp;handed out as per the the market reaction could be defined as a death knell for the common man as the central bank shocked with 40 bps rate hike and also warned that times will get a lot tougher.&nbsp; Inflation in India has been above 6% mark for three months and Governor Shaktikanta Das warned that April's print is not pleasing as well. In fact the inflation condition was escalating to such a level that the <a href="https://www.editorji.com/business-news/economy/rbi-surprise-briefing-at-2-pm-market-buzzing-with-rate-hike-worries-1651651168660" target="_blank">RBI&nbsp;</a>held an emergency meeting on May 2 and 4 which led to the the rate hike shock.&nbsp;
Also read/watch|&nbsp;<a title="RBI shocks with repo rate hike, CRR hike&nbsp;" href="https://www.editorji.com/business-news/rbi-shocks-with-a-rate-hike-40-bps-with-immediate-effect-1651653562235">RBI shocks with repo rate hike, CRR hike&nbsp;</a> Here is what the RBI&nbsp;Governor had to say as he warned of higher food and commodity prices going ahead: "Looking ahead, food inflation pressures are likely to continue. Food price indices of the Food and Agriculture Organisation (FAO) and the World Bank touched historical highs in March and remain elevated. Spillovers from global wheat shortages are impacting domestic prices, even though domestic supply remains comfortable.
Prices of edible oils may firm up further due to export restrictions by key producing countries and the loss of sunflower oil output due to the war. Elevated feed costs are translating into escalation in poultry, milk and dairy product prices. International crude oil prices continue to hover above US$ 100 per barrel and this is prompting passthrough to domestic pump prices. 
The risks of unprecedented input cost pressures translating into yet another round of price increases for processed food, non-food manufactured products and services are now more potent than before. This could strengthen corporate pricing power if margins get squeezed inordinately. To sum up, the strengthening of inflationary impulses in sync with the persistence of adverse global price shocks poses upward risks to the inflation trajectory"&nbsp;

Reserve Bank of India(RBI) Governor Shaktikanta Das will make a statement today at 2 pm, the central bank alerted via its social media handles. 

RBI surprise briefing at 2 pm: Market buzzing with rate hike worries

The Governor's unscheduled briefing unsettled the market that is awaiting a 50 bps rate hike from US central bank, Federal Reserve later tonight. 

CPI for March was much above estimates at 6.95%&nbsp;

Reserve Bank of India(RBI) Governor Shaktikanta Das will make a statement today at 2 pm, the central bank alerted via its social media handles.&nbsp; The Governor's unscheduled briefing unsettled the market that is awaiting a 50 bps rate hike from US central bank, Federal Reserve later tonight.&nbsp; <a href="https://www.editorji.com/business-news/rbi-shocks-with-a-rate-hike-40-bps-with-immediate-effect-1651653562235" target="_blank">RBI's statement</a> comes as inflation has been running above the central bank's 'tolerance' range for over 3 months now.&nbsp;
<a href="https://www.editorji.com/business-news/rbi-s-new-credit-card-rules-here-s-you-all-need-to-know-1650886468182" target="_blank">RBI's new credit card rules | Here's all you need to know</a> The last time the <a href="https://www.editorji.com/business-news/markets/rbi-monetary-policy-no-change-in-repo-rate-1649392642168" target="_blank">RBI&nbsp;</a>made an out of turn statement was at the peak of the first lockdown&nbsp;in 2020.&nbsp;
Also Watch:
<a href="https://www.editorji.com/business-news/lic-ipo-how-policyholders-can-apply-for-discount-1651640842198" target="_blank">&nbsp;LIC IPO | How policyholders can apply for discount</a>
<a href="https://www.editorji.com/business-news/markets/lic-ipo-opens-sms-and-reminders-go-out-to-policy-holders-1651645077649" target="_blank">LIC IPO Opens: SMS and reminders go out to policy holders</a>

Unified Payments Interface (UPI) saw yet another record being set in April as it recorded 558 crore transactions, its its highest ever, amounting to Rs 9.83 lakh crore.

UPI hits new record, 20 crore transactions this year

Unified Payments Interface (UPI) saw yet another record being set in April as it recorded 558 crore transactions, its its highest ever, amounting to Rs 9.83 lakh crore. In comparison last year in April 2021, UPI had processed 2.64 crore transactions worth Rs 4.93 lakh crore.


UPI hits new record, volume and value double

<ul>
<li>UPI&nbsp;sets new record with 558 crore&nbsp;transactions&nbsp;</li>
<li>UPI&nbsp;April transaction volume soars to Rs 9.8 lakh crore</li>
<li>UPI&nbsp;has seen over 20 crore&nbsp;transaction in 2022</li>
<li>ACI: India leads in real-time payment transactions</li>
<li>UPI&nbsp;dominated by two players&nbsp;PhonePe and Google Pay Thumbnail - UPI&nbsp;SEES RECORD RISE</li>
</ul>

UPI recorded 558 crore transactions in April 2022 a new record for the payment platform

Unified Payments Interface (UPI) saw yet another record being set in April as it recorded 558 crore&nbsp;transactions, its highest ever, amounting to Rs 9.83 lakh crore. In comparison last year in April 2021,&nbsp;UPI&nbsp;had processed 2.64 crore transactions worth Rs 4.93 lakh&nbsp;crore. It has been a steady climb up for the payment interface, now recording 20 crore&nbsp;transactions for this year alone. As per a&nbsp;ACI Worldwide's&nbsp;report, India led the world in real-time payment transactions in 2021.
Also read/watch|&nbsp;<a title="Get ready to pay a lot more for your flights, here is why&nbsp;" href="https://www.editorji.com/business-news/get-ready-to-pay-a-lot-more-for-your-flights-here-is-why-1651468829374">Get ready to pay a lot more for your flights, here is why&nbsp;</a> The UPI payments space in the country is currently dominated by two players &ndash; PhonePe and Google Pay. Together, the two command a little over 84% of the UPI market in terms of transaction volume&nbsp;

As the coal shortage and power crisis spreads across the nation, the railways is stepping up and cancelling passenger trains to use the rails to transport more coal as states face acute supply shortage.
The railway ministry has notified the cancellation of nearly 670 passenger trains till May 24 to ensure transport of coal is not hampered. Railways has also increased the average daily loading of rakes for coal to a five year high.Electricity demand has jumped as temperatures have soared in many parts of India, prompting the weather department to issue heat-wave warnings. India's average temperature in March has been the highest on record for the month since authorities started collecting the data in 1901.Currently, Uttar Pradesh, Punjab, Maharashtra, Haryana, Tamil Nadu, and Andhra Pradesh are facing some of the longest power cuts in the country. Of the 12 states facing a shortage, Andhra Pradesh's situation is the direst. The state has reduced its industrial supply by 50% and imposed massive power cuts for domestic users.

Power crisis: 670 trains cancelled, to carry coal and not passengers

The railway ministry has notified the cancellation of nearly 670 passenger trains till May 24 to ensure transport of coal is not hampered. Railways has also increased the average daily loading of rakes for coal to a five year high.

As the coal shortage and power crisis spreads across the nation, the railways is stepping up and cancelling passenger trains to use the rails to transport more coal as states face acute supply shortage.
The railway ministry has notified the cancellation of nearly 670 passenger trains till May 24 to ensure transport of coal is not hampered. Railways has also increased the average daily loading of rakes for coal to a five year high.
Electricity demand has jumped as temperatures have soared in many parts of India, prompting the weather department to issue heat-wave warnings.&nbsp;India's average temperature in March has been the highest on record.&nbsp;
Currently, Uttar Pradesh, Punjab, Maharashtra, Haryana, Tamil Nadu, and Andhra Pradesh are facing some of the longest power cuts in the country. Of the 12 states facing a shortage, Andhra Pradesh's situation is the direst.&nbsp;

A scorching summer is driving demand for coal, which helps generate about 70% of the country's electricity.

As the coal shortage and power crisis spreads across the nation, the railways is stepping up and cancelling passenger trains to use the rails to transport more coal as states face acute supply shortage.
The railway ministry has notified the cancellation of nearly 670 passenger trains till May 24 to ensure transport of coal is not hampered. Railways has also increased the average daily loading of rakes for coal to a five year high.
Also read/watch|&nbsp;<a title="Big power cuts coming, Delhi government warns metro and hospitals to be hit" href="https://www.editorji.com/business-news/big-power-cuts-coming-delhi-government-warns-metro-and-hospitals-to-be-hit-1651205377648">Big power cuts coming, Delhi government warns metro and hospitals to be hit</a> Electricity demand has jumped as temperatures have soared in many parts of India, prompting the weather department to issue heat-wave warnings. India's average temperature in March has been the highest on record for the month since authorities started collecting the data in 1901. Currently, Uttar Pradesh, Punjab, Maharashtra, Haryana, Tamil Nadu, and Andhra Pradesh are facing some of the longest power cuts in the country. Of the 12 states facing a shortage, Andhra Pradesh's situation is the direst. The state has reduced its industrial supply by 50% and imposed massive power cuts for domestic users.

Indonesia in a surprise move banned exports of palm oil and derivatives from the nation sending ripples to India who now faces a possible crisis the prices of edible oil which are already soaring. Editorji Explains why Indonesia is now a bigger problem than Ukraine war for India. How big is Indonesia in the palm oil market?The nation is the top producer of the commodity with a large monopoly in the export market. Indonesia and Malaysia make up over 85% of global supply. What is palm oil really used for?50% of products the average urban Indian uses daily contain palm oil. Palm oil is used as the most common cooking medium (Vanaspati) and its derivatives are used in various forms from chips and instant noodles to toothpastes, lotions, lipsticks and other personal care and cosmetics.How is India impacted? India is the world's largest palm oil importer heavily dependent on Indonesia to meet about 60 percent of its annual needs which is close to 8 million tonnes. The commodity accounts for nearly 40% share in India’s overall edible oil consumption basket. 

Explained: How Indonesia may cause a cooking oil crisis for India

India is the world's largest palm oil importer heavily dependent on Indonesia to meet about 60 percent of its annual needs which is close to 8 million tonnes. The commodity accounts for nearly 40% share in India’s overall edible oil consumption basket.

Explained: Why Indonesia not Ukraine war is India's biggest problem

India imports about 8 million tonnes of palm oil annually

India is expecting a potential crisis as edible oil prices are set to skyrocket with Indonesia putting an export ban on palm oil. Along with high oil prices comes higher spending on daily food and other utility items. Editorji&nbsp;explains why Indonesia is now a bigger problem for your pockets than the Ukraine war:
How big is Indonesia in the palm oil market?
The nation is the top producer of the commodity with a large monopoly in the export market.&nbsp;Indonesia and Malaysia make up over 85% of the total global supply.&nbsp;The world annually consumes around 240 million tonnes of edible oils, of which almost 80 million tonnes is palm oil. Of this almost 50 million tonnes comes from Indonesia.
What is palm oil really used for?
50% of products the average urban Indian uses daily contain palm oil. Palm oil is used as the most common cooking medium (Vanaspati) and its derivatives are used in various forms from chips and instant noodles to toothpaste, lotions, lipsticks, and other personal care and cosmetics.
How is India impacted?&nbsp;
India is the world's largest palm oil importer and consumer, heavily dependent on Indonesia to meet about 60 percent of its annual edible oil imports which is close to 8 million tonnes. Palm oil accounts for nearly 40 percent of India&rsquo;s overall edible oil consumption basket.&nbsp;In the last 12 months, palm oil prices have gone up by 50 percent; and nearly tripled over the last two years.

In the latest news that could shock and push prices of edible oil ever higher,  Indonesia, the world's largest producer of palm oil, has announced an export ban amid a continuing cooking oil crisis in the country. Indonesia counts for more than half of global palm oil supply and the edible oil market is already facing severe shortages due to Ukraine conflict with very few replacements available. In a surprise announcement Indonesia's President Joko Widodo made a video broadcast assuring locals that shortages will be arrested. Indonesia as witnessed street protests due to high prices of cooking oil.India, the world's biggest buyer of edible oil, relies on top producer Indonesia for more than half of its palm oil imports. Costs of imported palm oil into India has escalated nearly 40% in just the last 3 months. Palm oil has been soaring as sunflower oil supplies have been limited as Ukraine accounts for 60% of the world's sunflower oil output. 

Edible oil to get more expensive, Top producers bans exports due to shortage

In a surprise announcement Indonesia's President Joko Widodo made a video broadcast assuring locals that shortages will be arrested. Indonesia as witnessed street protests due to high prices of cooking oil.

Indonesia bans export of palm oil
Indonesia's palm oil export crucial
Cooking oil crisis in Indonesia
Edible oil crisis due to Ukraine war
India biggest buyer of edible oil
&nbsp;
&nbsp;

Indonesia is the world&rsquo;s biggest palm oil producer, ban imposed due to severe shortage

In the latest news that could shock and push prices of edible oil ever higher,&nbsp;&nbsp;Indonesia, the world's largest producer of palm oil, has announced an export ban amid a continuing cooking oil crisis in the country. Indonesia counts for more than half of global palm oil supply and the edible oil market is already facing severe shortages&nbsp;due to Ukraine conflict with very few replacements available.&nbsp; In a surprise announcement Indonesia's President Joko Widodo&nbsp;made a video broadcast assuring locals that shortages will be arrested. Indonesia as witnessed street protests due to high prices of cooking oil. India, the world's biggest buyer of edible oil, relies on top producer Indonesia for more than half of its palm oil imports. Costs of imported palm oil into India has escalated nearly 40% in just the last 3 months. Palm oil has been soaring as sunflower oil supplies have been limited as Ukraine accounts for 60% of the world's sunflower oil output.&nbsp;
Also Watch|&nbsp;<a href="https://www.editorji.com/business-news/economy/explained-india-s-coal-shortage-and-power-crisis-8-hour-blackouts-begin-1650533830554" target="_blank">Explained: India's coal shortage and power crisis, 8 hour blackouts begin</a>

The International Monetary Fund is resetting it's global growth outlook as the Ukraine Russia war has changed economic landscape and outlook with rising commodity prices and supply disruptions.  Blaming the Russian invasion of Ukraine, the IMF while states that the global economic prospects have been severely set back. The monetary agency has thus cut global growth outlook which is now projected to slowdown from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Similarly India's growth forecast has been trimmed to to 8.2% a cut of 80 bps but still making the subcontinent the fastest growing economy this year. IMF expects demand in India to be hit due to higher oil prices which will weigh on industry and households. India imports 80% of it's oil requirements. IMF warns that the war is creating a situation of persistent high inflation as  supply-demand imbalances continue to worsen. The agency in it's spring meeting has also highlighted downside risks to  this already set back outlook. Topping that list is a possible worsening of the war, escalation of sanctions on Russia, a sharper-than-anticipated deceleration in China, renewed flare-up of pandemic and also ongoing climate emergency. 

IMF: Severe setback to global growth from Ukraine Russia war, downgrades GDP

IMF downgrades growth outook, warns of risks from war & Covid

IMF downgrades growth outlook, warns of risks from war & Covid

USE IMF&nbsp;Logo:&nbsp; THE BIG GLOBAL SETBACK
<ul style="list-style-type: square;">
<li>Russian invasion of Ukraine has severely set back global economies&nbsp;</li>
<li>Global growth outlook from 6.1% in 2021 to 3.6% in 2022&nbsp;</li>
<li>India's GDP forecast cut to 8.2% from 9%</li>
<li>India to still be the fastest growing economy this year</li>
<li>Demand in India to be hit due to higher oil prices</li>
<li>Supply-demand imbalances continue to worsen</li>
</ul>
BIG RISKS AHEAD&nbsp;
<ul>
<li>Worsening of the war&nbsp;</li>
<li>Big China slowdown</li>
<li>Renewed Covid&nbsp;flare-up</li>
</ul>
&nbsp;

IMF&nbsp;warns that the war is creating a situation of persistent high inflation as supply-demand imbalances continue to worsen

The&nbsp;International Monetary Fund is resetting its global growth outlook as the <a href="https://www.editorji.com/world-news/russia-accused-of-using-bunker-buster-bombs-in-mariupol-all-you-need-to-know-1650365210359">Ukraine Russia war</a> has changed economic landscape and outlook with rising commodity prices and supply disruptions.&nbsp;
Blaming the Russian invasion of Ukraine, the IMF&nbsp;while states that the global economic prospects have been severely set back. The monetary agency has thus cut global growth outlook which is now projected to slowdown&nbsp;from an&nbsp;estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Similarly India's growth forecast has been trimmed to 8.2% a cut of 80 bps but still making the subcontinent the fastest growing economy this year.&nbsp;
Also read/watch|&nbsp;<a title="UAE new visa rules: Residency made easier" href="https://www.editorji.com/business-news/uae-new-visa-rules-residency-made-easier-1650361123945">UAE new visa rules: Residency made easier</a>
IMF&nbsp;expects demand in India to be hit due to higher oil prices which will weigh on industry and households. India imports 80% of it's oil requirements.&nbsp;
IMF&nbsp;warns that the war is creating a situation of persistent high inflation as supply-demand imbalances continue to worsen.&nbsp;
Also read/watch|&nbsp;<a title="Markets see sharp fall in last hour of trade as Ukraine war escalates" href="https://www.editorji.com/business-news/markets/markets-see-sharp-fall-in-last-hour-of-trade-as-ukraine-war-escalates-1650364151248">Markets see sharp fall in last hour of trade as Ukraine war escalates</a>
The agency in its spring meeting has also highlighted downside risks to&nbsp; this already set back outlook.&nbsp;Topping that list is a possible worsening of the war, escalation of sanctions on Russia, a sharper-than-anticipated deceleration in China, renewed flare-up of pandemic and also ongoing climate emergency.&nbsp;

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Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday.
Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the price hike took effect.
With the price of flour already up tenfold, the latest move was likely to cause more hardship for many Iranians.
On Thursday, Iran's currency dropped to a low of 300,000 rial to the dollar.
Food prices across the Middle East have surged due to global supply chain snarls and Russia's invasion of Ukraine, which both export many essentials.
Iran imports half of its cooking oil from Ukraine, where fighting has kept many farmers from the fields.
Although Iran produces roughly half of its own wheat, the war has added to inflationary pressures.

Shocking Inflation: This country raised prices of basic staples by 300% 

Scores of alarmed Iranians waited in long lines to snatch up bundles of food

Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday.
Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the price hike took effect.
With the price of flour already up tenfold, the latest move was likely to cause more hardship for many Iranians.
Also read/watch|&nbsp;<a title="Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears" href="https://www.editorji.com/business-news/terra-s-terror-crypto-reality-strikes-outrage-as-luna-coin-disappears-1652421871975">Terra's Terror: Crypto reality strikes; outrage as LUNA coin disappears</a>
On Thursday, Iran's currency dropped to a low of 300,000 rial to the dollar.
Food prices across the Middle East have surged due to global supply chain snarls and Russia's invasion of Ukraine, which both export many essentials.
Iran imports half of its cooking oil from Ukraine, where fighting has kept many farmers from the fields.
Although Iran produces roughly half of its own wheat, the war has added to inflationary pressures.

In a cash boost to the government the Reserve Bank of India (RBI) approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. This figure however is one of the lowest in nearly a decade and much lower than the budget estimates. 
The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22 while deciding to maintain the Contingency Risk Buffer at 5.50 per cent, RBI said in a statement.
The decision on the dividend payment was made in the 596th meeting of the Central Board of Directors of RBI, headed by Governor Shaktikanta Das, held on Friday.
Last year in May, RBI declared a dividend of Rs 99,122 crore for the nine-month period (July 2020 to March 2021). The dividend was paid for that period as RBI aligned its financial year with the government's financial year.
Earlier, RBI used to follow July-June period earlier as against government's April-March financial year.
During its meeting, the board reviewed the current economic situation, global and domestic challenges and the impact of recent geopolitical developments.
The board also discussed the working of RBI during the year April 2021 – March 2022 and approved the annual report and accounts for the accounting year 2021-22, the statement said.

RBI's ₹30,000 cr payout to the Govt, lowest in nearly a decade

RBI's Rs 30,000 cr payout to the Govt, lowest in nearly a decade

RBI's dividend kitty shrinks!

The dividend for FY22, which will be transferred in FY23 is much lower than what the government had estimated in Budget 2022.

In a cash boost to the government the&nbsp;Reserve Bank of India (RBI) approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. This figure however is one of the lowest in nearly a decade and much lower than the budget estimates.&nbsp;
The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22 while deciding to maintain the Contingency Risk Buffer at 5.50 per cent, RBI said in a statement.
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The decision on the dividend payment was made in the 596th meeting of the Central Board of Directors of RBI, headed by Governor Shaktikanta Das, held on Friday.
Last year in May, RBI declared a dividend of Rs 99,122 crore for the nine-month period (July 2020 to March 2021). The dividend was paid for that period as RBI aligned its financial year with the government's financial year.
Earlier, RBI used to follow July-June period earlier as against government's April-March financial year.
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During its meeting, the board reviewed the current economic situation, global and domestic challenges and the impact of recent geopolitical developments.
The board also discussed the working of RBI during the year April 2021 &ndash; March 2022 and approved the annual report and accounts for the accounting year 2021-22, the statement said.

In a game changing judgement the Supreme Court has ruled that the Central government and States have simultaneous powers to legislate on Goods and Service Tax (GST).A bench led by Justice DY Chandrachud held that the Parliament intended that the recommendations of the GST Council will have persuasive value but are not binding on the states.The court ruled that both Parliament & State Legislatures can legislate on GST.
In a twist for compensation share the bench stated that recommendations of GST council are product of collaborative discussion. "It is not imperative that one of the federal units must always possess a higher share."  Justice Chandrachud read out. 

Supreme Court says GST Council recommendations are not binding on States

GST Council Recommendations Not Binding On Centre &amp; States Both Parliament &amp; State Legislatures Can Legislate On GST Justice DY Chandrachud: "Recommendations of GST council are product of collaborative discussion. It is not imperative that one of the federal units must always possess a higher share

States can legislate on GST, SC ruling changes the dynamic

Central government and States have simultaneous powers to legislate on GST: Supreme Court

In a game changing judgement the Supreme Court has ruled that the Central government and States have simultaneous powers to legislate on Goods and Service Tax (GST).
A bench led by Justice DY Chandrachud held that the Parliament intended that the recommendations of the GST Council will have persuasive value but are not binding on the states.
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The court ruled that both&nbsp;Parliament &amp; State Legislatures can legislate on GST.
In a twist for compensation share the bench stated that recommendations of GST council are product of collaborative discussion. "It is not imperative that one of the federal units must always possess a higher share."&nbsp; Justice Chandrachud&nbsp;read out.&nbsp;
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LPG cylinder prices hiked once gain and with the latest revision the price of the cooking gas cylinder has skyrocketed above Rs 1000 all over the country. LPG prices  for domestic usewere hiked by Rs 3.5/cylinder effective immediately. Price for the commercial use cylinder has been hiked by a steep Rs 8. With the hike, the price of a domestic LPG cylinder in Delhi and Mumbai is Rs 1003, in Kolkata the domestic LPG cylinder will cost Rs 1029, and in Chennai it will cost Rs 1018.5 from today.This is the second hike in the month of May following the firming of international energy rate. Since April 2021, prices have risen by over Rs 190 per cylinder.

LPG price hiked again, cylinder rates cross Rs 1,000 all over India

LPG price hiked again, cylinder rates cross Rs 1000  all over India

A 14.2kg LPG cylinder will now cost Rs 1,003 in Delhi. In Kolkata, the rates have been revised to Rs 1,029 per cylinder, and in Chennai a cylinder will cost Rs 1,018.5 after the rate hike

LPG&nbsp;cylinder prices hiked once again and with the latest revision, the price of the cooking gas cylinder has skyrocketed above Rs 1,000 all over the country. LPG&nbsp;prices for domestic cylinders were hiked by Rs 3.5/cylinder effective immediately. The price for the commercial use cylinder has been hiked by a steep Rs 8.
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With the hike, the price of a domestic LPG cylinder in Delhi and Mumbai is Rs 1,003, in Kolkata the domestic LPG cylinder will cost Rs 1,029, and in Chennai, it will cost Rs 1,018.5 from today.
This is the second hike in the month of May following the firming of the international energy rate. Since April 2021, prices have risen by over Rs 190 per cylinder.
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Barely recovered from a two-year bout of Covid, emerging markets, and now capital flight. Inflation in Turkey has surged to a two-decade high of 69.97% in April. 
Skyrocketing prices have placed significant pressure on households and ramped up criticism of President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil.
In April, the bank kept its benchmark interest rate steady for the fourth consecutive month, bowing to pressure despite high inflation.
Russia’s invasion of Ukraine, which led to a surge in gas, oil and grain prices, has compounded the situation in import-reliant Turkey. The biggest price increases in Turkey last month were in the transportation sector, at 106%, followed by food and non-alcoholic beverage prices at 89%, according to the data.
The Turkish Statistical Institute said consumer prices rose by 69.97 per cent in April compared with the previous year, the biggest year-over-year increase since 2002. The annual inflation rate was up from 61.14 per cent in March. 

Turkey: economic pain continues as inflation accelerates to 70%

Shocking Inflation: This country has a 70% inflation rate

Turkey's cost of living crisis is growing after official data showed that inflation in the country rose to nearly 70%

Turkey is facing the highest prices in over 20 years as inflation soared to an unimaginable 70% in April and yet there is little in the arsenal to fight runaway inflation.&nbsp;Despite soaring prices President Recep Tayyip Erdogan, who is a self proclaimed enemy of rate hikes, has insisted that the central bank keeps rates unchanged. This easy money policy while the global market changed course has led to a crisis in the currency, which lost as much as half its value against the dollar in a matter of weeks in December. Despite some stability the value of the Lira is down 12% vs the dollar in the year so far.&nbsp;
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Turkey&rsquo;s financial crisis has been further compounded by Russia&rsquo;s invasion of&nbsp;Ukraine, which has driven up prices, particularly for wheat. The loss of Ukrainian supplies has left it scrambling to find alternatives. For the first time, Turkey has placed orders for 50,000 tonnes of wheat imports from India and reports indicate&nbsp;has started to buy wheat through private electronic-mandi&nbsp;as the price of 'atta' touches a record high even in India.&nbsp;

No money, No fuel! Sri Lanka's new PM warned residents of th e crisis-hit island nation that they have run out of petrol and there are no dollar reserves to finance essential imports. The newly appointed PM, Ranil Wickremesinghe in an address to the nation on Monday said "We have run out of petrol... At the moment, we only have petrol stocks for a single day." Reportedly three shipments of oil are waiting outside the Colombo harbour for payments before discharging their cargoes.He also added: "We must also immediately obtain $20m to provide gas to consumers. The situation of kerosene and furnace oil is even more urgent."
Wickremesinghe warned that the bankrupt country could face more hardships in the coming months."Payments have not been made for four months to suppliers of medicine, medical equipment, and food for patients," the Sri Lankan PM apprised the nation. The island nation faces its worst economic crisis since independence in 1948 and is on the brink of bankruptcy.
 

Sri Lanka Crisis Latest News Update: Nation is out of petrol

The newly appointed PM, Ranil Wickremesinghe in an address to the nation on Monday said "We have run out of petrol... At the moment, we only have petrol stocks for a single day."

Sri Lanka is out of petrol!

Two shipments of petrol and two of diesel using an Indian credit line could provide relief in the next few days

No money, No fuel! Sri&nbsp;Lanka's&nbsp;new PM warned residents of th e crisis-hit island nation that they have run out of petrol and there are no dollar reserves to&nbsp;finance essential imports. The newly appointed PM, Ranil Wickremesinghe&nbsp;in an address to the nation on Monday said&nbsp;"We have run out of petrol... At the moment, we only have petrol stocks for a single day." Reportedly&nbsp;three shipments of oil are waiting outside the Colombo harbour for payments before discharging their cargoes.
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Wickremesinghe warned that the&nbsp;bankrupt country could face more hardships in the coming months. "Payments have not been made for four months to suppliers of medicine, medical equipment, and food for patients," the Sri&nbsp;Lankan PM apprised the nation.&nbsp; The island nation&nbsp;faces its worst economic crisis since independence in 1948 and is on the brink of bankruptcy.

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