Households may see some reprieve as cooking oil prices are set to ease with Indonesia lifting it's export ban. Indonesia, the world’s biggest shipper of edible oils, had imposed a ban on exports of palm oil on April 28. Palm oil is used in everything from food to soap to fuel. The Indonesian govt lifted the the ban after hundreds of farmers rallied to protest the move, saying their incomes have suffered because prices of their fresh fruit bunches plunged.Domestic edible oil prices have increased by more than 50% in the last one year, taking cue from global elevated prices due to shortfall in production. 

Relief to burning high prices, edible prices may come down

The Indonesian govt lifted the the ban after hundreds of farmers rallied to protest the move, saying their incomes have suffered because prices of their fresh fruit bunches plunged.

India imports about 55% of its annual edible oil consumption

Households may see some reprieve as cooking oil prices are set to ease with Indonesia lifting it's export ban.&nbsp;Indonesia, the world&rsquo;s biggest shipper of edible oils, had imposed a ban on exports of palm oil on April 28.&nbsp;Palm oil is used in everything from food to soap to fuel.&nbsp;
The Indonesian govt lifted the the ban after hundreds of farmers rallied to protest the move, saying their incomes have suffered because prices of their fresh fruit bunches plunged.
Also read/watch| <a title="Canada bans Chinese telecom giant Huawei, ZTE from 5G network" href="https://www.editorji.com/business-news/canada-bans-chinese-telecom-giant-huawei-zte-from-5g-network-1653012922195">Canada bans Chinese telecom giant Huawei, ZTE from 5G network</a>
Domestic edible oil prices have increased by more than 50% in the last one year, taking cue from global elevated prices due to shortfall in production.&nbsp;
India annually imports 8-8.5 million tonnes palm oil. Almost 45-50% of palm oil comes from Indonesia and the rest from neighbouring Malaysia.

Is SpiceJet facing payment issues ? A grounded flight on the tarmac raised speculation as a tweet from a passenger was circulated widely. Tweeting an image of the grounded aircraft, the passenger complainted that they had been sitting at the tarmac aboard @flyspicejet flight SG-191 (DEL to BLR) for >45 minutes. Only communication from your team is that “there has been some mixup in paperwork with ATC”. What’s up @flyspicejet ?!This is a developing story and no official response was put out by the airline at the time of writing this copy. Reports indicated that Air Traffic Control (ATC) stopped SpiceJet from flying due to payment issues on Friday morning. 
 

SpiceJet facing payment issue? Flight halted on tarmac

Is SpiceJet facing payment issues ? A grounded flight on the tarmac raised speculation as a tweet from a passenger was circulated widely. 

Flight from Delhi to Bengaluru&nbsp;was halted on the tarmac for over 40 minutes

Is&nbsp;SpiceJet&nbsp;facing payment issues ? A grounded flight on the tarmac raised speculation as a tweet from a passenger was circulated widely.&nbsp; Tweeting an image of the grounded aircraft, the passenger complained&nbsp;that they had been sitting at the tarmac aboard @flyspicejet flight SG-191 (DEL to BLR) for &gt;45 minutes. Only communication from your team is that &ldquo;there has been some mixup in paperwork with ATC&rdquo;. What&rsquo;s up @flyspicejet ?! However the company was quick to clarified&nbsp;that "Due to a technical glitch in SAP, the automatic daily payment could not be processed. The same is being made manually to AAI which has been apprised of the issue. SpiceJet&rsquo;s flight operations are now continuing normally."
Also Watch:<a href="https://www.editorji.com/business-news/first-ever-5g-call-telecom-minister-dials-in-1653015578745" target="_blank">&nbsp;First ever 5G call! Telecom Minister dials in</a>

"Aatmanirbhar 5G. Successfully tested 5G call at IIT Madras. Entire end-to-end network is designed and developed in India," Ashwini 
 Vaishnaw said in a social media post.

5G Call in India: Watch Video! Telecom Minister Ashwini Vaishnaw dials in, first ever 5G call made 

"Aatmanirbhar 5G. Successfully tested 5G call at IIT Madras. Entire end-to-end network is designed and developed in India," Vaishnaw said in a social media post.

5G calling, Telecom Minister makes the first call

Prime Minister Narendra Modi&nbsp;inaugurated the country's first 5G test-bed, incubated at IIT Madras

India dialled into the next generation calling system as Union minister Ashwini Vaishnaw&nbsp; made the first <a href="https://www.editorji.com/business-news/first-ever-5g-call-telecom-minister-dials-in-1653015578745" target="_blank">5G call</a> on a trial network set up at IIT Madras using indigenously-developed telecom gears.
"Aatmanirbhar 5G. Successfully tested 5G call at IIT Madras. Entire end-to-end network is designed and developed in India," Vaishnaw said in a social media post.
The telecom minister, after making a video call on indigenously developed <a href="https://www.editorji.com/business-news/canada-bans-chinese-telecom-giant-huawei-zte-from-5g-network-1653012922195" target="_blank">5G technology</a> gears, said that it is the realisation of the prime minister's vision.
"His (PM's) vision is to have our own 4G, 5G technology stack, developed in India, made in India and made for the world. We have to win the world with this entire technology stack," Vaishnaw said after making the call.
The government expects commercial roll-out of 5G services to start in the country by August-September this year.At present, telecom companies have been allowed to only conduct trial of 5G services.
The&nbsp;5G test-bed has been developed as a multi-institute collaborative project by eight institutes led by IIT Madras.In the absence of a 5G test-bed, startups and other industry players were required to go abroad to test and validate their products for installation in a 5G network.
Also Watch:&nbsp;<a href="https://www.editorji.com/business-news/spicejet-flight-halted-due-to-lack-of-payment-find-out-what-happened-1653019017695" target="_blank">SpiceJet flight halted due to lack of payment, find out what happened</a>&nbsp;
Prime Minister Narendra Modi on Tuesday inaugurated the country's first 5G test-bed, incubated at IIT Madras, to enable startups and industry players to test and validate their products locally and reduce dependence on foreign facilities.

Canada is banning China's Huawei Technologies and ZTE, another Chinese company, from participating in the country’s 5G wireless networks, citing national security concerns.

Canada bans Chinese telecom giant Huawei, ZTE from 5G network

The U.S. has long pressed it's northern neighbour to deny Huawei a role in building the country’s 5G infrastructure, saying it would allow Beijing to spy on Canadians more easily.

The rest of the Five Eyes network &ndash; the United States, Britain, Australia and New Zealand &ndash; have already banned Huawei equipment.

Canada is banning China's Huawei Technologies and ZTE, another Chinese company, from participating in the country&rsquo;s 5G wireless networks, citing national security concerns. The U.S. has long pressed it's northern neighbour&nbsp;to deny Huawei a role in building the country&rsquo;s 5G infrastructure, saying it would allow Beijing to spy on Canadians more easily.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/google-russia-to-file-for-bankruptcy-can-t-pay-100-employees-1652962413917" target="_blank">Google Russia to file for bankruptcy; can't pay 100 employees</a> The rest of the intelligence alliance called,&nbsp;Five Eyes network &ndash; the United States, Britain, Australia and New Zealand &ndash; have already banned&nbsp;Huawei&nbsp;equipment. Canada&rsquo;s national security, Industry Minister Francois-Philippe Champagne said&nbsp;&ldquo;We&rsquo;ll take any actions necessary to safeguard our telecommunications infrastructure,&nbsp;oviders who already have this equipment installed will be required to cease its use and remove it under the plans we are announcing today."
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/mirror-mirror-on-the-wall-which-are-the-most-costliest-things-of-them-all-1652957768006" target="_blank">Mirror mirror on the wall, which are the most costliest things of them all?</a> India last year in May while announcing its <a href="https://www.editorji.com/business-news/first-ever-5g-call-telecom-minister-dials-in-1653015578745" target="_blank">5G plans</a> had 'left out' all Chinese companies while giving the rest the nod while no explicit ban was announced.&nbsp; Huawei is the biggest global supplier of network gear for phone and internet companies. It has been a symbol of China&rsquo;s progress in becoming a technological world power - and a subject of U.S. security and law enforcement concerns.

Zepto, an instant grocery delivery app, has announced a compensation of ₹10 lakh for the family of its delivery agent who was killed in a hit-and-run accident in Delhi on Wednesday. 
The delivery app issued a statement on Twitter saying that Karan, the delivery agent, was wearing a helmet and riding on the right side of the road when he was hit from behind. The statement further added that Karan died in Delhi's Safdarjung Hospital on Wednesday. 
Zepto said that the police has filed an FIR in the case and the app is working closely with authorities. 
In addition to a compensation of ₹10 lakh, the company is also provinding an additional granted of ₹8 lakh, Zepto said in its statement. 

Delhi: Zepto delivery agent dies in hit-and-run accident, app pays ₹10 lakh compensation 

Zepto has announced a compensation of ₹10 lakh for the family of its delivery agent who was killed in a hit-and-run accident in Delhi on Wednesday. 

The delivery app issued a statement on Twitter saying that Karan, the delivery agent, was wearing a helmet and riding on the right side of the road when he was hit from behind.

Zepto, an instant grocery delivery app, has announced a compensation of ₹10 lakh&nbsp;for the family of its delivery agent who was killed in a hit-and-run accident in Delhi on Wednesday.&nbsp;
The delivery app issued a statement on Twitter saying that Karan, the delivery agent, was wearing a helmet and riding on the right side of the road when he was hit from behind. The statement further added that Karan&nbsp;died in Delhi's Safdarjung Hospital on Wednesday.&nbsp;
Zepto&nbsp;said that the police has filed an FIR in the case and the app is working closely with authorities.&nbsp;
Also watch: <a href="https://www.editorji.com/business-news/instant-food-delivery-raises-questions-on-delivery-risks-for-workers-1647932694820">Instant food delivery raises questions on delivery risks for workers</a>
In addition to a compensation of&nbsp;₹10 lakh, the company is also provinding&nbsp;an additional grant of&nbsp;₹8 lakh, Zepto&nbsp;said in its statement.&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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Adani Power and Adani Ports have seen a rebound in trade on Tuesday after witnessing heavy selling in Monday's session. Adani Port has clarified that the  interest of investors is safeguarded. It also said that the recent share price fluctuation seems market driven.

Adani Power and Adani Ports have seen a rebound in trade on Tuesday after witnessing heavy selling in Monday's session. Adani Port has clarified that the  interest of investors is safeguarded. It also said that the recent share price fluctuation seems market driven.

Twitter is rolling out a&nbsp;crisis misinformation policy&nbsp;to curb false tweets in times of crisis and&nbsp;reduce the spread of viral misleading tweets on the platform."To reduce potential harm, as soon as we have evidence that a claim may be misleading, we won&rsquo;t amplify or recommend content that is covered by this policy across Twitter &ndash; including in the Home timeline, Search, and Explore," explained the company's blog post.To determine whether a tweet is misleading, Twitter will require verification from credible, public sources, including conflict monitoring groups, humanitarian organizations, open source investigators, journalists and more. If the platform finds that the tweet is misleading, it&rsquo;ll slap a warning notice on the tweet, turn off likes, retweets and shares, and link to more details about the policy. These tweets will also stop surfacing on the home page, search or explore.The new policy follows Elon&nbsp;Musk alerting users on the platform "You are being manipulated by the algorithm in ways you don&rsquo;t realize,"&nbsp;wrote the billionaire&nbsp;on May 14.Musk was referring to the ability to switch to latest tweets on your timeline&nbsp;vs seeing those that have been 'recommended' for you by Twitter's algorithm&nbsp;

Twitter timeline goes on a cleanse, to hide tweets in crisis 

Twitter goes on a fact cleanse, to hide tweets to curb misleading information

Twitter will start hiding tweets, here is why 

New policy&nbsp;aims to reduce the spread of viral misleading tweets on the platform.

Twitter is rolling out a&nbsp;crisis misinformation policy&nbsp;to curb false tweets in times of crisis and&nbsp;reduce the spread of viral misleading tweets on the platform. "To reduce potential harm, as soon as we have evidence that a claim may be misleading, we won&rsquo;t amplify or recommend content that is covered by this policy across Twitter &ndash; including in the Home timeline, Search, and Explore," explained the company's blog post. To determine whether a tweet is misleading, Twitter will require verification from credible, public sources, including conflict monitoring groups, humanitarian organizations, open source investigators, journalists and more. If the platform finds that the tweet is misleading, it&rsquo;ll slap a warning notice on the tweet, turn off likes, retweets and shares, and link to more details about the policy. These tweets will also stop surfacing on the home page, search or explore. The new policy follows Elon&nbsp;Musk alerting users on the platform "You are being manipulated by the algorithm in ways you don&rsquo;t realize,"&nbsp;wrote the billionaire&nbsp;on May 14. Musk was referring to the ability to switch to latest tweets on your timeline&nbsp;vs seeing those that have been 'recommended' for you by Twitter's algorithm&nbsp;

An 11-year-old visually impaired boy who appeared on the Shark Tank India show was made CEO of Boat by Aman Gupta.
The boy -- Prathmesh Sinha -- came to the show to pitch a business idea about a gadget that aimed at making the Braille language easier to learn.
Aman Gupta recently invited Prathamesh to the Boat headquarters and made him CEO for a day. Gupta was seen introducing Prathamesh to his team where he gave an inspiring speech.
Aman Gupta even arranged for a unique scholarship for Prathamesh. "Our initiative to award him a unique scholarship aims at ensuring that he gets the quality education that he deserves," Boat wrote in its Instagram caption.

Watch: 11-year-old becomes CEO of boAt

Prathamesh has always wanted to grow up to be a motivational speaker, he was brought on-stage at boAt’s Annual Leadership Meet where he shared his story with the whole team and left everyone teary-eyed.

Prathamesh Sinha, an 11-year old visually impaired boy shot to fame with his appearance on Shark Tank India.

An 11-year-old visually impaired boy who appeared on the Shark Tank India show was made CEO&nbsp;of Boat by Aman&nbsp;Gupta for a day.
The boy -- Prathmesh&nbsp;Sinha&nbsp;-- came to the show to pitch a&nbsp;business idea about a gadget that aimed at making the Braille language easier to learn.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/startup-scandal-sequioa-backed-zilingo-fires-ceo-ankiti-bose-after-complaints-of-serious-financial-irregularities-1653029592941">Startup Scandal: Sequoia-backed Zilingo fires CEO Ankiti Bose</a>
Aman Gupta recently invited Prathamesh to the Boat headquarters and made him CEO for a day. As Prathamesh has always wanted to grow up to be a motivational speaker, he was brought on-stage at boAt&rsquo;s Annual Leadership Meet where he shared his story with the whole team and left everyone teary-eyed.
Aman Gupta even arranged for a unique scholarship for Prathamesh. "Our initiative to award him a unique scholarship aims at ensuring that he gets the quality education that he deserves," Boat wrote in its Instagram&nbsp;caption.
Also read/watch |<a href="https://www.editorji.com/business-news/markets/prepare-for-the-worst-silicon-valley-kingmaker-warns-startups-1653024923004">&nbsp;'Prepare for the Worst' Silicon Valley kingmaker warns startups</a>

“Warning! Umbrellas are not waterproof!” this tweet from China based user went viral as luxury brands Gucci and sportswear brand faced backlash as they sold an umbrella worth 11,100 yuan ($1,644) which did not keep the rain. A hashtag on “the collaboration umbrella being sold for 11,100 yuan is not waterproof” attracted more than 140 million views on social media site Weibo.Gucci's website, which earlier described it as an umbrella, later changed the classification to "sun umbrella" or a parasol as the backlash grew. Netizens made a splash with tweets flooding social media platforms mocking the product. 

This Rs 1.2 lakh worth umbrella from Gucci, Adidas is not waterproof!

Netizens made a splash with tweets flooding social media platforms mocking the product. 

The item was earlier described as an umbrella, later changed the classification to "sun umbrella" or a parasol on the Gucci website

&ldquo;Warning! Umbrellas are not waterproof!&rdquo; this tweet from China based user went viral as luxury brands Gucci and sportswear brand faced backlash as they sold an umbrella worth 11,100 yuan ($1,644) which did not keep the rain.&nbsp; A hashtag on &ldquo;the collaboration umbrella being sold for 11,100 yuan is not waterproof&rdquo; attracted more than 140 million views on social media site Weibo. Also read/watch| <a title="Mirror mirror on the wall, which are the most costliest things of them all?" href="https://www.editorji.com/business-news/mirror-mirror-on-the-wall-which-are-the-most-costliest-things-of-them-all-1652957768006">Mirror mirror on the wall, which are the most costliest things of them all?</a> Gucci's website, which earlier described it as an umbrella, later changed the classification to "sun umbrella" or a parasol as the backlash grew.&nbsp; Netizens&nbsp;made a splash with tweets flooding social media platforms mocking the product.&nbsp;

Another startup story gone sour! Singapore based B2B fashion venture has fired it's CEO and co-founder Ankiti Bose, two months after she was suspended. In a statement released Zilingo informed investors "Following an investigation led by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the company has decided to terminate Ankiti Bose’s employment with cause, and reserves the right to pursue appropriate legal action."  

Startup Scandal: Sequoia backed Zilingo fires CEO Ankiti Bose


Bose who founded the company in 2015 with Dhruv Kapoor is facing allegation and investigation around financial irregularities bought up by investor Sequoia 

Singapore's B2B fashion startup&nbsp;had suspended Bose on March 31

Another startup&nbsp;story gone sour! Singapore based&nbsp;B2B fashion venture has fired it's CEO&nbsp;and co-founder Ankiti&nbsp;Bose, two months after she was suspended.&nbsp; In a statement released Zilingo&nbsp;informed investors&nbsp;"Following an investigation led by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the company has decided to terminate Ankiti Bose&rsquo;s employment with cause, and reserves the right to pursue appropriate legal action."&nbsp;&nbsp; Bose who founded the company in 2015 with Dhruv&nbsp;Kapoor&nbsp;is facing allegation and investigation around financial irregularities bought up by investor Sequoia . She was suspended from her duties on March 31 after which the company launched an investigation.Co-founder Dhruv Kapoor is looking after his primary role as the CTO and Bose&rsquo;s role as CEO in her absence.

Nicknamed Silicon Valley kingmaker, investment firm Y Combinator is warning startups that it may be winter for businesses soon as the trend is reversing on what has been a decade long bull run for disruptors. “If your plan is to raise money in the next 6-12 months, you might be raising at the peak of the downturn. Remember that your chances of success are extremely low even if your company is doing well. We recommend you change your plan,” the firm said in the letter, titled “Economic Downturn.”Y Combinator (YC) backs hunders of startups yearly and has recently chopped down the value for giants such as Shopify and Netflix as it warns early-stage startups universe will also feel the heat. YC raised the red flag on funding as it advised founders that-:"Irrespective of your ability to fundraise, it’s your responsibility to ensure your company will survive if you cannot raise money for the next 24 months."Globally and in India funding for startups has slowed and firing amongst some of the larger names has been brutal as revenue slowdown is adding pressure to books and cashflow.

Startups warned 'Prepare or the Worst' by Silicon Valley kingmaker

Startups warned by Silicon Valley kingmaker - Be ready to change your plans and survive without funding for the next 24 months

Startups warned - be prepared for the worst

Y Combinators&nbsp;early backings include investments in Dropbox, Coinbase, Airbnb and Reddit

Nicknamed&nbsp;Silicon Valley kingmaker, investment firm Y Combinator&nbsp;is warning startups that it may be winter for businesses soon as the trend is reversing on what has been a decade long bull run for disruptors.&nbsp; &ldquo;If your plan is to raise money in the next 6-12 months, you might be raising at the peak of the downturn. Remember that your chances of success are extremely low even if your company is doing well. We recommend you change your plan,&rdquo; the firm said in the letter, titled &ldquo;Economic Downturn.&rdquo;
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/relief-to-burning-high-prices-edible-prices-may-come-down-1653024606393">Relief to burning high prices, edible prices may come down</a>
Y Combinator&nbsp;(YC)&nbsp;backs hunders&nbsp;of startups&nbsp;yearly and has recently chopped down the value for giants such as Shopify and Netflix as it warns&nbsp;early-stage startups universe will also feel the heat.&nbsp; YC raised the red flag on funding as it advised founders that-: "Irrespective of your ability to fundraise, it&rsquo;s your responsibility to ensure your company will survive if you cannot raise money for the next 24 months." Globally and in India funding for startups&nbsp;has slowed and firing amongst some of the larger names has been brutal as revenue slowdown is adding pressure to books and cashflow.
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/canada-bans-chinese-telecom-giant-huawei-zte-from-5g-network-1653012922195" target="_blank">Canada bans Chinese telecom giant Huawei, ZTE from 5G network</a>

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