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.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/lpg-price-hiked-again-cylinder-rates-cross-rs-1000-all-over-india-1652929897525" target="_blank">LPG price hiked again, cylinder rates cross Rs 1,000 all over India</a>
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;
Also red/watch |&nbsp;<a href="https://www.editorji.com/entertainment-news/bollywood/ed-slaps-money-laundering-charge-on-raj-kundra-1652939723995" target="_blank">ED slaps money laundering charge on Raj Kundra</a>

The Enforcement Directorate (ED) has registered a money laundering case against Raj Kundra in connection with the production and circulation of porn films.Reports indicate that the Enforcement Directorate took a closer look at Kundra developed app named 'Hotshots' which distributed the alleged porn and was sold to a UK based firm Kenrin. It has come to light that the CEO of Kenrin, a UK based company, is Pradeep Bakshi, who is actually Raj Kundra's brother-in-law. And in return Kundra continued to service the app via another company Viaan which ED sources said saw transaction worth crores of rupees for small services. 
News agency ANI reports quoting sources that porn movies, which were made in India and uploaded on the Hotshots app and the money that subscribers paid was was transacted in the name of Kundra's company Viaan Industries.Raj Kundra now out on bail, was arrested on July 19, 2021 along with 11 other people on charges related to the alleged creation of pornographic films which he continues to refute. 

ED registers money laundering case against Raj Kundra in porn racket

Enforcement Directorate took a closer look at Kundra developed app named 'Hotshots' which distributed the alleged porn and was sold to a UK based firm Kenrin. 

New position in porn racket!

Kundra was granted bail by a Mumbai Court in the pornography case on a surety of Rs 50,000.

The Enforcement Directorate (ED) has registered a money laundering case against&nbsp;Raj Kundra in connection with the production and circulation of porn films. Reports indicate that the Enforcement Directorate took a closer look at Kundra&nbsp;developed app named 'Hotshots' which distributed the alleged porn and was sold to a UK based firm Kenrin.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/lpg-price-hiked-again-cylinder-rates-cross-rs-1000-all-over-india-1652929897525">LPG price hiked again, cylinder rates cross Rs 1,000 all over India</a> It has come to light that the CEO of Kenrin, a UK based company, is Pradeep Bakshi, who is actually Raj Kundra's brother-in-law. And in return Kundra&nbsp;continued to service the app via another company Viaan&nbsp;which ED sources said saw transaction worth crores&nbsp;of rupees for small services.&nbsp;
News agency&nbsp;ANI&nbsp;reports quoting sources that&nbsp;porn movies, which were made in India and uploaded on the Hotshots app and the money that&nbsp;subscribers paid was was transacted in the name of Kundra's company Viaan Industries.
Also read/watch |<a href="https://www.editorji.com/business-news/economy/supreme-court-ruling-gst-council-is-not-supreme-court-ruling-gst-council-recommendations-are-not-binding-on-states-on-states-1652940717013" target="_blank">&nbsp;SC says GST Council recommendations are not binding on States</a> Raj Kundra&nbsp;now out on bail, was arrested on July 19, 2021 along with 11 other people on charges related to the alleged creation of pornographic films which he continues to refute.&nbsp;

Bears took full control of Dalal Street on Thursday as the benchmark 30 stock index Sensex slid over 1000 points in early trade and the actively traded Nifty 50 collapsed below the 16,000 mark shaving off over 300 points. The drop mirrors global worries as major indexes on Wall Street declined more than 3.5% each overnight, with the Dow Jones Industrial Average closing at its lowest since March 2021.The worries of multi-decade high inflation and rate hikes along with the prolonged war and covid is adding to supply disruption. The bumps in business and revenue is leading to large layoffs across industries and sectors. Right now only 2 Asia-Pacific markets are giving positive returns to the investors, Singapore and Indonesia. 

Markets crack: Sensex sinks 1000 points, Nifty below 16000

Major indexes on Wall Street declined more than 3.5% each overnight, with the Dow Jones Industrial Average closing at its lowest since March 2021.

Bear attack again in markets! 

Meltdown began with Wall Street, Dow dropped over 1000 points overnight

Bears took full control of Dalal&nbsp;Street on Thursday as the benchmark 30 stock index Sensex&nbsp;slid over 1000 points in early trade and the actively traded Nifty 50 collapsed below the 16,000 mark shaving off over 300 points.&nbsp; The drop mirrors global worries as major indexes on Wall Street declined more than 3.5% each overnight, with the Dow Jones Industrial Average closing at its lowest since March 2021.
Also read/watch |&nbsp;<a href="https://www.editorji.com/entertainment-news/bollywood/ed-slaps-money-laundering-charge-on-raj-kundra-1652939723995">ED slaps money laundering charge on Raj Kundra</a> The worries of multi-decade high inflation and rate hikes along with the prolonged war and&nbsp;covid&nbsp;is adding to supply disruption. The bumps in business and revenue is leading to large layoffs across industries and sectors.&nbsp; Right now only 2 Asia-Pacific markets are giving positive returns to the investors, Singapore and Indonesia.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/latest-stock-market-scam-this-company-was-selling-something-that-does-not-exist-1652942096992">Latest stock market scam: This company was selling something that does not exist</a>

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.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/netflix-starts-sacking-cancelling-shows-as-subcribers-shrink-1652859820981" target="_blank">Netflix starts sacking, cancelling shows as subscribers shrink</a>
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.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/bots-or-bills-what-is-really-giving-musk-second-thoughts-about-twitter-1652856259014" target="_blank">Bots or Bills, what is really giving Musk second thoughts about Twitter</a>

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&P 500, the benchmark for many index funds, fell 4%. The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results. US Inflation is currently reigning at a 40-year high. 
 

Markets crash: Inflation, rate hike hits tech and retailers big time

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&amp;P 500, the benchmark for many index funds, fell 4%.&nbsp;The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results.
&nbsp;

S&amp;P 500 index saw the biggest daily drop in almost two years

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&amp;P 500, the benchmark for many index funds, fell 4%.&nbsp;The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/latest-stock-market-scam-this-company-was-selling-something-that-does-not-exist-1652942096992" target="_blank">Latest stock market scam: This company was selling something that does not exist</a>
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results. US Inflation is currently reigning at a 40-year high.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/entertainment-news/bollywood/ed-slaps-money-laundering-charge-on-raj-kundra-1652939723995" target="_blank">ED slaps money laundering charge on Raj Kundra</a>

Month after announcing the disappointing subscriber growth slowdown in more than a decade, Netflix lays off about 150 employees. The cuts represent 2 per cent of the streamer’s total workforce, with most of the cuts made in the United States. 
According to reports, the layoffs come across departments and are driven by the need to reduce expenses rather than the performance of individual employees. In addition to the layoff of 150 full-time employees, Netflix is eliminating about 70 part-time jobs in its animation studio and is also cutting freelance roles in its social media and publishing group. The new round of cuts comes less than a month after multiple full-time staff and contractors in Netflix’s editorial and marketing division were laid off.
In April, during its first-quarter earnings announcement, Netflix revealed it had lost 200,000 subscribers in the quarter and expected to lose an additional 2 million during the second quarter. 

Netflix starts sacking, cancelling shows as subscribers shrink

Netflix starts sacking and subcribers shrink

Netflix starts sacking and subscribers shrink

Netflix surprised Wall Street in the first quarter of 2022,&nbsp;reporting a net loss of 200,000 streaming customers&nbsp;&mdash; its first decline in more than a decade

Netflix&nbsp;has fired 150 people as the streaming platform faces revenue pressure with subscribers dropping for the first time in over a decade.&nbsp;The cuts represent 2 per cent of the streamer&rsquo;s total workforce, with most of the cuts made in the United States.&nbsp;
In addition to the layoff of 150 full-time employees, Netflix is eliminating about 70 part-time jobs in its animation studio and is also cutting freelance roles in its social media and publishing group.&nbsp;
Also read/watch|&nbsp;<a title="Watch: Russians queue up at McDonald's outlets as it exits the country" href="https://www.editorji.com/business-news/watch-russians-queue-up-at-mcdonald-s-outlets-as-it-exits-the-country-1652853953737">Watch: Russians queue up at McDonald's outlets as it exits the country</a>
It is not just people but even shows that are getting the 'pink slip' as they get cancelled.&nbsp;The shows Netflix has axed range from critically-acclaimed horrors like Archive 81 to beloved family viewings like The Babysitters' Club, and, well, Cooking with Paris. Nothing and no one it seems, is safe.

From poop slinging to cocky responses, the repartee on Twitter from Elon Musk is casting a doubt on whether this eccentric billionaire will actually buy the social media platform. The War on Bots - Short para on the bot argument But is the real problem debt? (reword this info)But underpinning the deal is a $13 billion debt bill that’s looking like a bigger burden by the day.
Twitter’s annual interest expense to around $900 million, while Bloomberg Intelligence sees $750 million to $1 billion.
With numbers like those, Twitter looks poised to burn cash, boosting the pressure on Musk to transform the company by finding new sources of revenue and slashing costs. FIND AN ENDING 

Bots or Bills, what is really giving Musk second thoughts about Twitter

Pressure will mount on Musk to monetise Twitter as deal brings with it $1 billion interest expense to the social media platform

From poop-slinging to cocky responses, the repartee&nbsp;on Twitter from Elon&nbsp;Musk is casting a doubt on whether this eccentric billionaire will actually buy the social media platform.&nbsp; The War on Bots
Earlier, Musk replied with a poop emoji&nbsp;after Twitter CEO&nbsp;Parag&nbsp;Agrawal&nbsp;in a tweet thread mentioned that it would be difficult to conduct an external audit on the platform's spam accounts. Musk and Agrawal&nbsp;have been in a wrangle lately as the Tesla CEO&nbsp;expresses his doubts over the success of the deal if Twitter fails to provide proof of spam accounts.
Also read/watch |<a href="https://www.editorji.com/business-news/watch-russians-queue-up-at-mcdonald-s-outlets-as-it-exits-the-country-1652853953737" target="_blank">&nbsp;Watch: Russians queue up at McDonald's outlets as it exits the country</a>
But is the real problem debt?
Underpinning the deal is a $13 billion debt bill that&rsquo;s looking like a bigger burden by the day.&nbsp;Twitter&rsquo;s annual interest expense to around $900 million, while Bloomberg Intelligence sees $750 million to $1 billion.
With numbers like those, Twitter looks poised to burn cash, boosting the pressure on Musk to transform the company by finding new sources of revenue and slashing costs.
Musk wanted to eliminate spam Twitter accounts
Well, one must remember that Musk offered to buy the social media giant for $44 billion as he decided to eliminate bots from Twitter. Even after buying the largest stake in the company, Musk tweeted, "If our Twitter bid succeeds, we will defeat the spam bots or die trying!&rdquo;
So, now the question arises, if he already knew about the problem of bots -- and Twitter has always said the real number could be higher even though their best estimate calculated it to be sub-5 percent&nbsp;-- then why didn't the eccentric billion do the due diligence before announcing the deal.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/paytm-mall-99-5-valuation-decline-as-key-investors-alibaba-ant-group-exit-1652787134002" target="_blank">Paytm Mall: 99.5% valuation decline as key investors Alibaba, Ant Group exit</a>
We must also look at the deal offer which was made at $54.20 per share. Since then the prices of tech companies have corrected sharply and hence a $54 per share seems like a significantly premium offer for a share that has already been trading at $38.

''It will be bad without McDonald's. I celebrated all of my birthdays here during the 1990s'', that's what a Moscow resident had to say ahead of McDonald's nationwide exit. More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald's is selling its business to a Russian fast-food chain called Uncle Vanya, another symbol of the country’s increasing isolation over its war in Ukraine.
The Chicago burger giant confirmed that it is selling its 850 restaurants in Russia. McDonald's said it will seek a buyer who will employ its 62,000 workers in Russia, and will continue to pay those workers until the deal closes.
McDonald's said in early March that it was temporarily closing its stores in Russia but would continue to pay its employees. It was a costly decision. Late last month, the company said it was losing $55 million each month due to the restaurant closures. It also lost $100 million worth of inventory.Western companies have wrestled with extricating themselves from Russia, enduring the hit to their bottom lines from pausing or closing operations in the face of sanctions. 

Watch: Russians queue up at McDonald's outlets as it exits the country

More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald's exits Russia 

Maharaja Mc exits Russia! 

Western companies have wrestled with extricating themselves from Russia, enduring the hit to their bottom lines from pausing or closing operations in the face of sanctions

''It will be bad without McDonald's. I celebrated all of my birthdays here during the 1990s'', that's what a&nbsp;Moscow resident had to say&nbsp;ahead of&nbsp;McDonald's nationwide exit.&nbsp; More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald's is selling its business to a Russian fast-food chain called Uncle Vanya, another symbol of the country&rsquo;s increasing isolation over its war in Ukraine.
Also read/watch|&nbsp;<a title="Biometric payments are here! Mastercard will soon let you pay with your face" href="https://www.editorji.com/business-news/biotmeric-payments-are-here-mastercard-will-soon-let-you-pay-with-your-face-1652843304815">Biometric payments are here! Mastercard will soon let you pay with your face</a>
The Chicago burger giant confirmed that it is selling its 850 restaurants in Russia. McDonald's said it will seek a buyer who will employ its 62,000 workers in Russia, and will continue to pay those workers until the deal closes.
McDonald's said in early March that it was temporarily closing its stores in Russia but would continue to pay its employees. It was a costly decision. Late last month, the company said it was losing $55 million each month due to the restaurant closures. It also lost $100 million worth of inventory. Western companies have wrestled with extricating themselves from Russia, enduring the hit to their bottom lines from pausing or closing operations in the face of sanctions.&nbsp;

Tesla CEO Elon Musk on Tuesday said his deal to buy Twitter can't move forward unless the company shows public proof that less than 5 percent of the accounts on the platform are fake or spam.
Musk made the comment in a reply to another user on Twitter early Tuesday.
In his tweet, Musk said, “20 percent fake/spam accounts, while 4 times what Twitter claims, could be much higher. My offer was based on Twitter's SEC filings being accurate. Yesterday, Twitter's CEO publicly refused to show proof of 5 percent. This deal cannot move forward until he does.”
At a Miami technology conference Monday, Musk estimated that at least 20 percent of Twitter's 229 million accounts are spam bots, a percentage he said was at the low end of his assessment, according to a Bloomberg News report.
Also at the All In Summit, Musk gave the strongest hint yet that he would like to pay less for Twitter than his $44 billion offer made last month. Musk had earlier said a viable deal at a lower price would not be out of the question, according to the report by Bloomberg.
He spent much of the previous day in a back-and-forth with Twitter CEO Parag Agrawal, who posted a series of tweets explaining his company's effort to fight bots and how it has consistently estimated that less than 5 percent of Twitter accounts are fake.

Spam Alert: Elon Musk could drop Twitter buyout plans

Tesla CEO said his deal to buy Twitter can't move forward unless the company shows public proof that less than 5 percent of the accounts on the platform are fake or spam.

Elon Musk could cancel Twitter deal

Also at the All In Summit, Musk gave the strongest hint yet that he would like to pay less for Twitter than his $44 billion offer made last month.

Tesla CEO Elon Musk on Tuesday said his deal to buy Twitter can't move forward unless the company shows public proof that less than 5 percent of the accounts on the platform are fake or spam.
Musk made the comment in a reply to another user on Twitter early Tuesday.
Also read/watch |<a href="https://www.editorji.com/business-news/bots-or-bills-what-is-really-giving-musk-second-thoughts-about-twitter-1652856259014" target="_blank">&nbsp;Bots or Bills, what is really giving Musk second thoughts about Twitter</a>
In his tweet, Musk said, &ldquo;20 percent fake/spam accounts, while 4 times what Twitter claims, could be much higher. My offer was based on Twitter's SEC filings being accurate. Yesterday, Twitter's CEO publicly refused to show proof of 5 percent. This deal cannot move forward until he does.&rdquo;
At a Miami technology conference Monday, Musk estimated that at least 20 percent of Twitter's 229 million accounts are spam bots, a percentage he said was at the low end of his assessment, according to a Bloomberg News report.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/lic-ipo-muted-debut-here-is-what-macquarie-makes-of-the-stock-1652770062417">LIC IPO Muted Debut: Here is what Macquarie makes of the stock</a>
Also at the All In Summit, Musk gave the strongest hint yet that he would like to pay less for Twitter than his $44 billion offer made last month.&nbsp;Musk had earlier said a viable deal at a lower price would not be out of the question, according to the report by Bloomberg.
He spent much of the previous day in a back-and-forth with Twitter CEO Parag Agrawal, who posted a series of tweets explaining his company's effort to fight bots and how it has consistently estimated that less than 5 percent of Twitter accounts are fake.

Zimbabwe issued a one hundred trillion dollars—100,000,000,000,000— currency bill in 2009 which is the largest denomination of currency ever issued.
The History
When Zimbabwe attained independence in 1980, Z$2, Z$5, Z$10 and Z$20 denominations circulated, replaced three decades later by bills in the thousands and ultimately in the millions and trillions as the government sought to prop up a weakening economy amid spiraling inflation.
Shortly after the Z$100 trillion note began circulating, the Zimbabwean dollar was officially abandoned in favor of foreign currencies. From 2007 to 2008, the local legal tender lost more than 99.9 percent of its value. This marked a reversal of fortune from independence, when the value of one Zimbabwe dollar equaled US$1.54. Zimbabwe’s extreme and uncontrollable inflation made it the first—and so far only—country in the 21st century to experience a hyperinflationary episode.
Zimbabwe, once considered the breadbasket of Africa, was reduced to the continent’s beggar within a few years; its citizens were pushed into poverty and often forced to emigrate.
What is hyperinflation?
Hyperinflation is defined as beginning when monthly inflation rates initially exceed 50 percent. It ends in the month before the rate declines below 50 percent, where it must remain for at least a year. Zimbabwe entered the hyperinflationary era in March 2007; the period ended when the nation abandoned its currency in 2009.
Shocking inflation
In 2008, Zimbabwe had the second-highest incidence of hyperinflation on record. The estimated inflation rate for Nov 2008 was 79,600,000,000 percent. That is effectively a daily inflation rate of 98 percent. Roughly every day, prices would double. It was also a time of real hardship and poverty, with an unemployment rate of close to 80 percent and a virtual breakdown in normal economic activity. 
What's going on now?
Zimbabwe's inflation has started to rise again, with year-on-year inflation at 96% in April, up from 61% at the beginning of the year, mainly due to a rapidly weakening local currency. In a latest move, Zimbabwe froze bank lending in a temporary measure that is meant to contain inflation and stabilise its economy.
Causes of hyperinflation in Zimbabwe

Government printing money in response to:High national debt
Decline in economic output
Decline in export earnings
Price controls that exacerbate shortages
Lack of confidence in government, economy and political life


Zimbabwe: From Africa's breadbasket to continent’s beggar

Shocking Inflation: This country went from breadbasket to beggar

Shocking Inflation: This country went from breadbasket to beggar.

Zimbabwe, once considered the breadbasket of Africa, was reduced to the continent&rsquo;s beggar within a few years; its citizens were pushed into poverty and often forced to emigrate.

Zimbabwe's inflation has started to rise again, with year-on-year inflation at 96 percent in April, up from 61 percent at the beginning of the year, mainly due to a rapidly weakening local currency. In a latest move,&nbsp;Zimbabwe froze&nbsp;bank lending in a temporary measure that is meant to contain inflation and stabilise its economy.
Zimbabwe issued a one hundred trillion dollars&mdash;100,000,000,000,000&mdash; currency bill in 2009 which is the largest denomination of currency ever issued.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/bots-or-bills-what-is-really-giving-musk-second-thoughts-about-twitter-1652856259014" target="_blank">Bots or Bills, what is really giving Musk second thoughts about Twitter</a>
Shocking inflation
In 2008, Zimbabwe had the second-highest incidence of hyperinflation on record. The estimated inflation rate for Nov 2008 was&nbsp;79,600,000,000 percent.&nbsp;That is effectively a daily inflation rate of 98 percent. Roughly every day, prices would double. It was also a time of real hardship and poverty, with an unemployment rate of close to 80 percent and a virtual breakdown in normal economic activity.&nbsp;
Also read/watch | <a href="https://www.editorji.com/business-news/watch-russians-queue-up-at-mcdonald-s-outlets-as-it-exits-the-country-1652853953737">Russians queue up at McDonald's outlets as it exits the country</a>
The History
When Zimbabwe attained independence in 1980, Z$2, Z$5, Z$10 and Z$20 denominations circulated, replaced three decades later by bills in the thousands and ultimately in the millions and trillions as the government sought to prop up a weakening economy amid spiraling inflation.
Shortly after the Z$100 trillion note began circulating, the Zimbabwean dollar was officially abandoned in favor of foreign currencies. From 2007 to 2008, the local legal tender lost more than 99.9 percent of its value. This marked a reversal of fortune from independence, when the value of one Zimbabwe dollar equaled US$1.54. Zimbabwe&rsquo;s extreme and uncontrollable inflation made it the first&mdash;and so far only&mdash;country in the 21st century to experience a hyperinflationary episode.
Zimbabwe, once considered the breadbasket of Africa, was reduced to the continent&rsquo;s beggar within a few years; its citizens were pushed into poverty and often forced to emigrate.
What is hyperinflation?
Hyperinflation is defined as beginning when monthly inflation rates initially exceed 50 percent. It ends in the month before the rate declines below 50 percent, where it must remain for at least a year. Zimbabwe entered the hyperinflationary era in March 2007; the period ended when the nation abandoned its currency in 2009.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/biotmeric-payments-are-here-mastercard-will-soon-let-you-pay-with-your-face-1652843304815" target="_blank">Biometric payments are here! Mastercard will soon let you pay with your face</a>
Causes of hyperinflation&nbsp;in Zimbabwe
<ul>
<li>Government printing money in response to:High national debt</li>
<li>Decline in economic output</li>
<li>Decline in export earnings</li>
<li>Price controls that exacerbate shortages</li>
<li>Lack of confidence in government, economy and political life</li>
</ul>

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350,000 tons of sunflower oil is stuck at ports meant to be enroute to India as Russia's invasion of Ukraine escalates and supply chain disruptions begin.
Edible oil worth $570 million is facing a limbo as the world's largest importer of vegetable oil as deliveries India are on a standstill. Reuters reports India has contracts for about 510,000 tonnes of sunoil from Black Sea region for shipments in February and March, but only 130,000 tonnes have been loaded so far in February. Global prices of vegetable oils, used for everything from preparing cookies to frying potato chips to making shampoo, have more than doubled in two years on supply constraints, with palm and soybean oils surging to all-time highs this week on supply jitters. 

Ukraine crisis latest: India refuses edible oil from Ukraine, 3 lakh tons of oil stuck at ports now

The Black Sea region accounts for 60% of world sunoil output and 76% of exports, and India is the top global edible oil importer.

3 lakh tons of edible oil stuck at ports 

$570 million worth of edible oil stuck at ports as deliveries fail.&nbsp;

350,000 tons of sunflower oil is stuck at ports meant to be&nbsp;enroute to India as Russia's invasion of Ukraine escalates and supply chain disruptions begin.
Edible oil worth $570 million is facing a limbo as the world's largest importer of vegetable oil as deliveries India are on a standstill.&nbsp; Reuters reports India has contracts for about 510,000 tonnes of sunoil from Black Sea region for shipments in February and March, but only 130,000 tonnes have been loaded so far in February.&nbsp; Global prices of vegetable oils, used for everything from preparing cookies to frying potato chips to making shampoo, have more than doubled in two years on supply constraints, with palm and soybean oils surging to all-time highs this week on supply jitters.&nbsp;

Google said its Russian subsidiary is planning to file for bankruptcy because it can't pay staff and suppliers.
Russian state media reported Wednesday that the U.S. tech company's Russian subsidiary, Google LLC, submitted a notice of its intention to declare bankruptcy to a national registry, Fedresurs.
The company said in a press statement that it filed for bankruptcy because the “Russian authorities' seizure of Google Russia's bank account has made it untenable for our Russia office to function, including employing and paying Russia-based employees, paying suppliers and vendors, and meeting other financial obligations.”
Google, which had previously suspended its business operations in Russia, said it would continue to provide its free services there, including Search, YouTube, Gmail, Maps, its Android operating system and its Play app store.
Job losses are hitting hard on the working class all over the world. Even startups in India have been laying off people. In a latest, Cars24 has laid off around 600 employees as the company moves towards automation and is also cutting cost. 
Ed tech platform Vedantu laid off more than 400 employees on Wednesday after a same incident at Unacademy and Meesho a few days back.

Google Russia to file for bankruptcy; can't pay 100 employees

Google said its Russian subsidiary is planning to file for bankruptcy because it can't pay staff and suppliers.

Google bankrupt in Russia as Kremlin siezes bank accounts

Russian authorities' seizure of Google Russia's bank account has made it untenable for our Russia office to function: Google

Google said its Russian subsidiary is planning to file for bankruptcy because it can't pay staff and suppliers.
Russian state media reported Wednesday that the U.S. tech company's Russian subsidiary, Google LLC, submitted a notice of its intention to declare bankruptcy to a national registry, Fedresurs.
The company said in a press statement that it filed for bankruptcy because the &ldquo;Russian authorities' seizure of Google Russia's bank account has made it untenable for our Russia office to function, including employing and paying Russia-based employees, paying suppliers and vendors, and meeting other financial obligations.&rdquo;
Also read/watch|&nbsp;<a title="Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&amp;P a scam" href="https://www.editorji.com/business-news/markets/explained-why-tesla-is-no-longer-on-green-and-clean-index-musk-calls-s-p-a-scam-1652950825989">Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&amp;P a scam</a> Reuters reports that a Russian TV channel claimed authorities seized 1 billion roubles (about $15 million) from Google in April after it didn&rsquo;t reinstate access to the channel&rsquo;s YouTube account. Russia&rsquo;s communication regulator also threatened to slap Google with a more modest 8 million rouble fine&nbsp;after it removed &ldquo;illegal&rdquo; videos from YouTube. It&rsquo;s unclear how much Russia has seized from Google in total.
Google, which had previously suspended its business operations in Russia, said it would continue to provide its free services there, including Search, YouTube, Gmail, Maps, its Android operating system and its Play app store.
&nbsp;

Think of your dream property, car, Watch, Jewellery Piece and then think a little harder and you’ll begin to get an idea of what the most expensive these things in the world look like.Here are 5 such things that you might never be able to afford in this lifetime, and if you're able to afford, you might not see the value in the price tag. Let's see what they are:
1. Buckingham Palace might not be put up for sale anytime soon but, if it was, it would be worth around $6.7 billion dollars. With 240 bedrooms as well as a swimming pool and doctor’s surgery, it’s a place called home by the British Royal Family and is also open to the public for guided tours. 
In total, this rich house—if you can call it a mere house—contains 775 rooms: 19 state rooms, 92 offices, and 78 bathrooms. It’s also got a huge team of staff as well as beautiful gardens. Rumour has it, there are a few other secret rooms dotted throughout this huge luxury mansion.
2. In 1964, the 250 GTO won the Tour de France Automobile – marking the ninth year in a row that Ferrari won that race. Only 36 of these cars were made between 1962 and 1963; the specific Ferrari that’s the most expensive in the world, at an unbelievable $70,000,000 price point, was victorious not only in the Tour de France, but it also placed in the Le Mans.
With a top speed of 174 miles per hour and an acceleration of 0-60 mph (0-100 km/h) in 6.1 seconds, its stats wouldn’t stand up to the hypercars of the modern day. However, in the ‘60s, it was the fastest in the world – and, now, decades later, it remains the most expensive car in the world of all time by a long shot.
3.Graff Diamonds Hallucination
The most expensive watch ever made is another Graff Diamonds creation. The Hallucination is, as the name suggests, truly breathtaking and brilliantly fantastical. 
Featuring a kaleidoscopic array of 110 carats of different coloured diamonds in a range of different cuts, set into a platinum bracelet, The Hallucination brings high-fashion to the world of horlogerie.
4. The Hope Diamond The most expensive and perhaps the most famous jewel in the world is a 45.52 carat blue stone known as the Hope Diamond. Believed to have been discovered in India in the 1600s, the Hope Diamond was bought by King Louis XIV in 1668. This $250 million worth carat Fancy Dark Gray-Blue antique cushion cut diamond was later stolen during a crown jewel looting in 1791 but resurfaced in London in 1839.
5. 

World's costliest: House, Car, Watch, Jewellery Piece, Painting 

From the priciest house to the costliest painting and beyond, here are 5 such things that you might never be able to afford in this lifetime, and if you're able to afford, you might not see the value in the price tag

From the priciest house to the costliest painting and beyond, here are 5 such things that you might never be able to afford in this lifetime

At a time when lemons and tomatoes are making it on the list of expensive items we look at some of the priciest things money can buy!&nbsp; World's most expensive home:&nbsp;Buckingham Palace&nbsp; You may not see a "For Sale" sign on this London property but home to the British Monarch is valued at $6.7 billion dollars. This 775 room&nbsp;palace has served as the monarchy's headquarter&nbsp;since 1837. Spread across 39 acres, the residence has everything it needs to be its own self-sufficient village, including a post office, movie theatre, police station and clinic.
Also read/watch|&nbsp;<a title="Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&amp;P a scam" href="https://www.editorji.com/business-news/markets/explained-why-tesla-is-no-longer-on-green-and-clean-index-musk-calls-s-p-a-scam-1652950825989">Explained | Why Tesla is no longer on 'green and clean' index, Musk calls S&amp;P a scam</a> World's most expensive ride:&nbsp;1963 Ferrari 250 GTO&nbsp;
Zooming in with a $70 million price tag is the ultimate collectible car -&nbsp;Ferrari 250 GTO&nbsp;also dubbed "Il Mostro&rdquo;&mdash;the monster. With only 36 of these cars ever manufactured, it calls for top billing at an auction as a nine-time in a row winner of the&nbsp;Tour de France. With a top speed of 174 miles per hour it is definitely not the fastest but remains the costliest car by a mile and yes they are still in running condition.&nbsp; World's most expensive watch:&nbsp;Graff Diamonds Hallucination
Even if your eyes are able to handle the sparkle, the price tag will surely blind you. The&nbsp;Graff Diamonds Hallucination clocks in with a price of $55 million and can be considered more a piece of jewellery with 110 carats of different coloured diamonds in a range of different cuts, set into a platinum bracelet. But if one had to evaluate the worth of a watch for just its making and brand then the&nbsp; Patek Philippe Grandmaster Chime commands pole position; worth a whopping $31 million. 
World's most expensive jewellery:&nbsp;The&nbsp;Hope Diamond The Hope Diamond is a 45.52-carat diamond originally extracted in the 17th century from the Kollur Mine in Guntur&nbsp;and&nbsp;was bought by King Louis XIV in 1668. This $250 million worth carat Fancy Dark Gray-Blue antique cushion cut diamond was later stolen during a crown jewel looting in 1791 but resurfaced in London in 1839.&nbsp;According to the legend, there is a curse that comes with the glitter,&nbsp;a curse that foretold bad luck and death not only for the owner of the diamond but for all who touched it.
World's most expensive painting:&nbsp;Salvator Mundi The image of Christ as The Saviour of the World was billed as the Last da Vinci&nbsp;at Christie's 2017 and broke all&nbsp;records when it was bought for $450 million in 2017 by the Saudi Royal family. Not been seen in public since then but it remains in the news as art connoisseurs continue to debate if the&nbsp;Salvator Mundi&nbsp;is indeed a work by the master or just his assistants. In an era where digital art and Beeple's make headlines, Da Vinci&nbsp;still remains the holy grail for collectors.&nbsp;

Markets latest news: Sensex and Nifty saw sharp cuts in Thursday's trade posting the the biggest single-day fall in 2 months as global cues went from bad to worse. Sensex sunk over 1,400, while the 50 stock Nifty dopped over 400 points crashing all the way to 15,800. All sectoral indices closed in the red with the tech index posting the biggest fall in over 2 years. Top losers in the Nifty pack were the frontline tech companies Wipro, HCL, Infosys, Tech Mah, TCS. With volatility index now jumped of over 10% reflecting the risk-off attitude of investors seen in the US markets that saw the biggest fall in over 2 years. The phrase "Sell in May and go away" is playing out to be true for the Indian markets that have seen relentless selling from the FIIs from October onwards. 

Markets at close: A terrible Thursday, bear attack on Sensex, Nifty 

Sensex sunk over 1,400, while the 50 stock Nifty dopped over 400 points crashing all the way to 15,800. All sectoral indices closed in the red with the tech index posting the biggest fall in over 2 years. Top losers in the Nifty pack were the frontline tech companies Wipro, HCL, Infosys, Tech Mah, TCS. 

Markets at close: Terrible Thursday

Sensex crashed 1400 points during the day&nbsp;

Markets latest news: Sensex and Nifty saw sharp cuts in Thursday's trade posting the the biggest single-day fall in 2 months as global cues went from bad to worse.&nbsp; Sensex&nbsp;sunk over&nbsp;1,400, while the 50 stock Nifty dopped over 400 points crashing all the way to 15,800. All sectoral indices&nbsp;closed in the red with the tech index posting the biggest fall in over 2 years. Top losers in the Nifty pack were the frontline tech companies&nbsp;Wipro, HCL, Infosys, Tech Mah, TCS.&nbsp;
Also read/watch |<a href="https://www.editorji.com/business-news/markets/explained-why-tesla-is-no-longer-on-green-and-clean-index-musk-calls-s-p-a-scam-1652950825989"> Why Tesla is no longer on 'green and clean' index, Musk calls S&amp;P a scam</a> With volatility index now jumped of over 10% reflecting the risk-off attitude of investors seen in the US markets that saw the biggest fall in over 2 years.&nbsp; The phrase "Sell in May and go away" is playing out to be true for the Indian markets that have seen relentless selling from the FIIs&nbsp;from October onwards.&nbsp;
Also read/watch |<a href="https://www.editorji.com/business-news/latest-stock-market-scam-this-company-was-selling-something-that-does-not-exist-1652942096992" target="_blank">&nbsp;Latest stock market scam: This company was selling something that does not exist</a>

"ESG is an outrageous scam! Shame on S&P Global," Tesla CEO Elon Musk tweeted as the EV giant out kicked off the S&P500's green and clean ESG index. Here is what happened-:
The S&P Global did it's fourth annual rebalance of the sustainably focused, large-cap index this week and Elon Musk's Tesla - the world's largest EV maker got booted off the index. Tesla the the fifth largest holding in the S&P 500, was deemed ineligible as it found itself out along with Berkshire Hathaway, Johnson & Johnson, and Meta Platforms but oddly making it on the sustainable list is oil major Exxon Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn't make the list. ESG is a scam. It has been weaponised by phony social justice warriors," Musk added.S&P Global's ration was that while Tesla's ESG score has remained fairly stable year-over-year, it was pushed further down the ranks relative to its global industry group peers." So Tesla is green but some of the other manufacturers are getting greener. But casting a shade of grey on the ratings is also Tesla's treatment of worker says the global index creator. 
"A media and stakeholder analysis identified two separate events centered around claims of racial discrimination and poor working conditions at Tesla's Fremont factory, as well as its handling of the NHTSA investigation after multiple deaths and injuries were linked to its autopilot vehicles," S&P Global said.
Those events led to a lower ESG score for Tesla, leading to its elimination from the index.


Explained | Why Tesla is no longer on the US markets 'green and clean' index

Musk loses $12 billion in a single day from his wealth as Tesla stocks sink

"ESG is an outrageous scam! Shame on S&amp;P Global," Tesla CEO Elon Musk tweeted as the EV giant out kicked off the S&amp;P500's green and clean ESG index. Here is what happened-:
The S&amp;P Global did it's fourth annual rebalance of the sustainably focused, large-cap index this week and Elon&nbsp;Musk's Tesla - the world's largest EV maker got booted off the index.&nbsp; Tesla the fifth largest holding in the S&amp;P 500, was deemed&nbsp;ineligible as it found itself out along with&nbsp;Berkshire Hathaway, Johnson &amp; Johnson, and Meta Platforms but oddly making it on the sustainable list is oil major Exxon.&nbsp;
Also read/watch|&nbsp;<a title="Latest stock market scam: This company was selling something that does not exist" href="https://www.editorji.com/business-news/latest-stock-market-scam-this-company-was-selling-something-that-does-not-exist-1652942096992">Latest stock market scam: This company was selling something that does not exist</a> Exxon is rated top ten best in the world for the environment, social &amp; governance (ESG) by S&amp;P 500, while Tesla didn't make the list. ESG is a scam. It has been weaponised by phony social justice warriors," Musk added. S&amp;P Global's ration was that&nbsp;while Tesla's ESG score has remained fairly stable year-over-year, it was pushed further down the ranks relative to its global industry group peers." So Tesla is green but some of the other manufacturers are getting greener.&nbsp; But casting a shade of grey on the ratings is also Tesla's treatment of workers says the global index creator.&nbsp;
Also read/watch|&nbsp;<a title="LPG price hiked again, cylinder rates cross Rs 1,000 all over India" href="https://www.editorji.com/business-news/economy/lpg-price-hiked-again-cylinder-rates-cross-rs-1000-all-over-india-1652929897525">LPG price hiked again, cylinder rates cross Rs 1,000 all over India</a>
"A media and stakeholder analysis identified two separate events centered around claims of racial discrimination and poor working conditions at Tesla's Fremont factory, as well as its handling of the NHTSA investigation after multiple deaths and injuries were linked to its autopilot vehicles," S&amp;P Global said.
Those events led to a lower ESG score for Tesla, leading to its elimination from the index.

Ever heard of anything called Zacobite? Well, none had until this company got into a contract of selling something that doesn't even exist. Yes, that's true.
On July 13, 2019, Urja Global made an announcement that it entered into an agreement with Japan-based Nippon Shinyaku for the supply of Zacobite for five years. The cost of procurement was stated at $65.5 million with Urja making a 10 percent profit.
However, a search of websites of Urja Global and Nippon Shinyaku by SEBI failed to show any mention of the word 'Zacobite'. Urja Global did not give SEBI any information about the product Zacobite based on either its own research or its past experience in dealing with Zacobite.
No information regarding Zacobite was found to be available in publicly available sources. A Google search for the term Zacobite did not return any significant result. There was no information on the internet or otherwise regarding the material or element Zacobite and its uses.
However, the only reality was a significant increase in Urja Global’s share price. Its stock rose from Rs 2.2 to Rs 3.1 after the company made the announcement of deal. Volumes rose from as low as 73,000 on July 11, 2019 to 93 lakh on July 16, 2019.
While the Japanese company has denied signing any such deal with Urja Global.
Urja Global submitted that it had fallen victim to a fraud committed by certain persons impersonating as representatives of Nippon. While the SEBI noted that the company had actively connived with such persons to create an artificial situation for making the corporate announcement dated July 13, 2019, which was false, misleading and inaccurate.
The securities market regulator has banned Urja and four of its executives from the markets for two years.

This company gets into contract of selling something that doesn't exist

This company gets into a contract of selling something that doesn't exist

What is Zacobite?

SEBI has banned Urja&nbsp;and&nbsp;four of its executives from the markets for two years.

Ever heard of anything called Zacobite? Well, none had until&nbsp;this company got into a contract of selling something that doesn't even exist. Yes, that's true.
On July 13, 2019, Urja Global made an announcement that it entered into an agreement with Japan-based Nippon Shinyaku for&nbsp;the supply&nbsp;of Zacobite for five years. The cost of procurement was stated at $65.5 million with Urja making a 10 percent profit.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/lpg-price-hiked-again-cylinder-rates-cross-rs-1000-all-over-india-1652929897525">LPG price hiked again, cylinder rates cross Rs 1,000 all over India</a>
However, a search of websites of Urja Global and Nippon Shinyaku by SEBI failed to show any mention of the word 'Zacobite'. Urja Global did&nbsp;not&nbsp;give SEBI any information about the product Zacobite based on either its own research or its past experience&nbsp;in&nbsp;dealing with Zacobite.
No information regarding Zacobite&nbsp;was&nbsp;found to be available in publicly available sources. A Google search for the term Zacobite did not return any significant result. There was no information on the internet or otherwise regarding the material or element&nbsp;Zacobite and&nbsp;its&nbsp;uses.
However, the only reality was a significant increase in Urja Global&rsquo;s share price. Its stock rose from Rs 2.2 to Rs 3.1 after the company made the announcement of deal. Volumes rose from as low as 73,000 on July 11, 2019 to 93 lakh on July 16, 2019.
While the Japanese company has denied signing any such deal with Urja&nbsp;Global.
Urja&nbsp;Global submitted that it had fallen victim to a fraud committed by certain persons impersonating as representatives of Nippon. While the SEBI&nbsp;noted&nbsp;that the company had actively connived with such persons to create an artificial situation for making the corporate announcement dated July 13, 2019, which was false, misleading and inaccurate.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/supreme-court-ruling-gst-council-is-not-supreme-court-ruling-gst-council-recommendations-are-not-binding-on-states-on-states-1652940717013" target="_blank">SC says GST Council recommendations are not binding on States</a>
The securities market regulator has banned Urja&nbsp;and&nbsp;four of its executives from the markets for two years.

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