India's richest man Gautam Adani is cementing his position now as cement czar as he pips put rivals Jindal and Birla to acquire Holcim's India assets and be the new boss for cement majors ACC and Ambuja.

Gautam Adani to acquire Ambuja Cement and ACC from Holcim

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).

Adani to acquire Ambuja Cement and ACC from Holcim

With this, Adani now becomes India&rsquo;s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA)

India's richest man Gautam&nbsp;Adani is cementing his position now as cement czar as he pips put rivals Jindal&nbsp;and Birla&nbsp;to acquire Holcim's&nbsp;India assets and be the new boss for cement majors ACC and Ambuja. At $10.5 bn this the largest ever acquisition by Adani, and India&rsquo;s largest ever M&amp;A transaction in the infrastructure and materials space, The deal&nbsp;values includes&nbsp;Holcim stake and open offer consideration for Ambuja Cements and ACC
With this, <a href="https://www.editorji.com/business-news/markets/gautam-adani-is-now-asia-s-richest-man-surpasses-the-wealth-of-mukesh-ambani-mark-zuckerberg-1644289000296" target="_blank">Gautam&nbsp;Adani</a> now becomes India&rsquo;s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA) right behind Birla&nbsp;owned UltaTech&nbsp;which is India's largest cement company.&nbsp;
Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
Holcim in a statement said, "The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of CHF 6.4 billion (Swiss Franc) for Holcim." Adani has in the last couple of years diversified beyond its core business of operating ports, power plants and coal mines into airports, data centres and clean energy.
The group had last year set up two cement subsidiaries - Adani Cementation Ltd which was planning to set up two cement units at Dahej in Gujarat and Raigarh in Maharashtra; and Adani Cement Ltd.
Also Watch/Read:<a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">&nbsp;LIC IPO listing tomorrow: What does the grey market say</a>&nbsp;
The world's largest cement maker Holcim last month announced its exit from the country after struggling here for a long. The company through two listed entities <a href="https://www.editorji.com/business-news/ambuja-cements-acc-up-for-sale-1649909380297" target="_blank">ACC</a> and Ambuja has 66 million tonnes per annum capacity (MTPA).
Holcim was in talks with several business houses including Aditya Birla Group, which owns the leading cement players UltraTech and steel-to-energy conglomerate JSW Group.
The group, which had entered the market 17 years ago, holds a 63.19 per cent stake in Ambuja and a 4.48 per cent in ACC while Ambuja owns a 50.05 per cent stake in ACC.
ACC has 17 cement manufacturing units, 9 captive power plants and 6,643 employees along with a distribution network of 56,000 dealers &amp; retailers and a countrywide.
<a href="https://www.editorji.com/business-news/ambuja-cements-acc-up-for-sale-1649909380297" target="_blank">Ambuja Cements</a> has a cement capacity of 31 million tonnes with 6 integrated cement manufacturing plants and 8 cement grinding units across the country.

Joe versus Jeff. Biden versus Bezos. Twitter turned into a battleground for two titans from politics and industry, as the founder of Amazon clashed with the US President.
It started with Joe Biden's tweet on May 14. The American President tweeted, "You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share."
This statement greatly irked Bezos, who didn't waste much time in retorting, "The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corporate taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection."
Amazon reportedly paid $3.7 billion in US taxes in 2021, while earning a global revenue of $469 billion.
Clashing with the President is nothing new for Bezos, who had quite a few run-ins with Biden's predecessor Donald Trump. Bezos owns the news outlet The Washington Post, and Trump tried to discredit their stories by claiming that Bezos has a vendetta against him.

Amazon founder vs Joe Biden: Jeff Bezos slams US President for linking inflation, wealth tax

Jeff Bezos versus Joe Biden: Amazon's founder objected to the US President's statement linking inflation control to higher taxes on wealthy corporations.

Joe versus Jeff. Biden versus Bezos. Twitter turned into a battleground for two titans from politics and industry, as the founder of Amazon clashed with the US President.
It started with Joe Biden's tweet on May 14. The American President tweeted, "You want to bring down inflation? Let&rsquo;s make sure the wealthiest corporations pay their fair share."
This statement greatly irked Bezos, who didn't waste much time in retorting, "The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corporate taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection."
Amazon reportedly paid $3.7 billion in US taxes in 2021, while earning a global revenue of $469 billion.
Clashing with the President is nothing new for Bezos, who had quite a few run-ins with Biden's predecessor Donald Trump. Bezos owns the news outlet The Washington Post, and Trump tried to discredit their stories by claiming that Bezos has a vendetta against him.

Barely recovered from a two-year bout of Covid, emerging markets, and now capital flight. Inflation in Turkey has surged to a two-decade high of 69.97% in April. 
Skyrocketing prices have placed significant pressure on households and ramped up criticism of President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil.
In April, the bank kept its benchmark interest rate steady for the fourth consecutive month, bowing to pressure despite high inflation.
Russia’s invasion of Ukraine, which led to a surge in gas, oil and grain prices, has compounded the situation in import-reliant Turkey. The biggest price increases in Turkey last month were in the transportation sector, at 106%, followed by food and non-alcoholic beverage prices at 89%, according to the data.
The Turkish Statistical Institute said consumer prices rose by 69.97 per cent in April compared with the previous year, the biggest year-over-year increase since 2002. The annual inflation rate was up from 61.14 per cent in March. 

Turkey: economic pain continues as inflation accelerates to 70%

Shocking Inflation: This country has a 70% inflation rate

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

Turkey is facing the highest prices in over 20 years as inflation soared to an unimaginable 70% in April and yet there is little in the arsenal to fight runaway inflation.&nbsp;Despite soaring prices President Recep Tayyip Erdogan, who is a self proclaimed enemy of rate hikes, has insisted that the central bank keeps rates unchanged. This easy money policy while the global market changed course has led to a crisis in the currency, which lost as much as half its value against the dollar in a matter of weeks in December. Despite some stability the value of the Lira is down 12% vs the dollar in the year so far.&nbsp;
Also read/watch|&nbsp;<a title="Shocking Inflation: This country raised prices of basic staples by 300%&nbsp;" href="https://www.editorji.com/business-news/economy/shocking-inflation-this-country-raised-prices-of-basic-staples-by-300-1652423177372">Shocking Inflation: This country raised prices of basic staples by 300%&nbsp;</a> The biggest price increases in April were in the transport sector, standing at 105.9%, while the prices of food and non-alcoholic drinks jumped 89.1%.
Turkey&rsquo;s financial crisis has been further compounded by Russia&rsquo;s invasion of&nbsp;Ukraine, which has driven up prices, particularly for wheat. The loss of Ukrainian supplies has left it scrambling to find alternatives. For the first time, Turkey has placed orders for 50,000 tonnes of wheat imports from India and reports indicate&nbsp;has started to buy wheat through private electronic-mandi&nbsp;as the price of 'atta' touches a record high even in India.&nbsp;

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

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

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

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

The pandemic may be over but a different wave of panic is sweeping across the US companies - layoffs. The pandemic boomer companies are now re-evaluating growth and the picture is not pretty and as demand slows. Here is who is firing! Netflix: After losing subscribers, the OTT platform is reshooting its business plans. Reports indicate the streaming giant has laid off employees from it's editorial arm Tudum a platform dedicated to going “behind the streams,” publishing articles about the content that is currently or will be on Netflix. Pelton:One of the big beneficiary of the work-from-home trend, this fitness and equipment maker has let go of nearly 2800 employees in this year and it may not be the end. The stock value has plummted from a marketcap of $50 bn to merely $8 bn as WFH ends across US and utility for home gyms disappears. Noom: This weight loss app is now stretched thin as it laid off nearly 500 employees including hundreds of coaches to cut cost as post pandemic business slowed. Some coaches told Business Insider they were responsible for giving advice to hundreds of users at any given time.Robinhood: The popular trading platform that shot to fame with Gamestop is now facing a new market and has punched in layoff orders. The company has laid off nearly 10% of full time workforce. 
Thrasio: Everyone wanted to copy the Thrasio model at one point of beingthe acquirer of popular brands on Amazon. This "hypergrowth" in acquiring companies is now leading to layoffs. Reports indicate the company is letting of 20% of it's workforce. Even if there is firing, most companies are not hiring anymore. In a rare and concerning move Facebook parent Meta is instituting a hiring freeze — a move that comes as Mark Zuckerberg’s embattled social media giant warns of slowing revenue growth.So the big question that everyone is asking - is the tech bubble bursting again?

Mass layoffs at American companies: Here is who is firing

US companies laying off employees as business growth is slowing, while labor costs are increasing.&nbsp;

The pandemic may be over but a different wave of panic is sweeping across the US companies - layoffs. The pandemic boomer companies are now re-evaluating&nbsp;growth and the picture is not pretty and as demand slows. Here is who is firing!&nbsp; Netflix: After losing subscribers, the OTT&nbsp;platform is reshooting&nbsp;its business plans. Reports indicate the streaming giant has laid off employees from its editorial arm&nbsp;Tudum&nbsp;a platform&nbsp;dedicated to going &ldquo;behind the streams,&rdquo; publishing articles about the content that is currently or will be on Netflix.&nbsp; Pelton:&nbsp;One of the big beneficiaries of the work-from-home trend, this fitness and equipment maker has let go of nearly 2800 employees this year and it may not be the end. The stock value has plummeted from a market cap&nbsp;of $50 bn to merely $8 bn as WFH&nbsp;ends across US and utility for home gyms disappears.&nbsp;
Also read/watch|<a title="&nbsp;Startups Shrink: From unicorns to layoffs, the firing squad is here" href="https://www.editorji.com/business-news/startups-shrink-from-unicorns-to-layoffs-the-firing-squad-is-here-1652263415790">&nbsp;Startups Shrink: From unicorns to layoffs, the firing squad is here</a> Noom: This weight loss app is now stretched thin as it laid off nearly 500 employees including hundreds of coaches to cut costs as post-pandemic business slowed. Some coaches told Business Insider&nbsp;they were responsible for giving advice to hundreds of users at any given time. Robinhood: The popular trading platform that shot to fame with Gamestop&nbsp;is now facing a new market and has punched in layoff orders. The company has laid off nearly 10% of the full-time workforce.&nbsp;
Thrasio: Everyone wanted to copy the Thrasio&nbsp;model at one point of being the&nbsp;acquirer of popular brands on&nbsp;Amazon. This&nbsp;"hypergrowth" in acquiring companies is now leading to layoffs. Reports indicate the company is letting of 20% of it's workforce.&nbsp;
Also read/watch|&nbsp;<a title="Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth" href="https://www.editorji.com/business-news/markets/crypto-markets-scripting-a-scary-story-coins-down-99-billionaires-lose-90-wealth-1652337306286">Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth</a> Even if there is a firing, most companies are not hiring anymore. In a rare and concerning move,&nbsp;Facebook parent Meta is instituting a hiring freeze &mdash; a move that comes as Mark Zuckerberg&rsquo;s embattled social media giant&nbsp;warns of slowing revenue growth. So the big question that everyone is asking is - is the tech bubble bursting again?

The unicorn story is changing from hiring to firing. Somehow the startup bubble has burst and it’s the employees caught in the fallout as ever.Lately, well-funded startups are firing thousands of employees. Here's the list of startups that laid-off employees in 2022: 
Meesho, the e-commerce platform has laid off nearly 150 employees, mostly from its grocery division superstore called Farmiso, as it reportedly plans to merge its online grocery vertical with the main app. 
Meesho isn’t alone. US-based digital mortgage lender Better.com badly botched mass layoffs twice. On December 1, CEO and co-founder Vishal Garg laid off 900 employees via a Zoom call, and made headlines for being cold and insensitive. In March, the company laid off 3,000 of its remaining 9,000 employees in the US and India. 
Back to home again, Unacademy- which saw revenues going up around six times in 2021, laid off nearly 600 employees, contractual workers and educators — about 10 per cent of its 6,000-strong workforce across the group.
Furlenco, the furniture rental startup in March laid off nearly 180-200 employees, mostly from the customer support roles and in the same month, another social commerce platform, Trell asked nearly 300 employees to go, which is close to half of its workforce.
In a nightmare for nearly 1,000 employees, homegrown edtech startup Lido Learning which is backed by top entrepreneur Ronnie Screwvala, apparently shut operations in February, forcing its workforce to seek help via social media platforms. 
Edtech unicorn Vedantu has laid off around 200 employees, a mix of both full-time and contracted employees. 
This is not all. Food and grocery delivery platform Swiggy said it will suspend operations of its subscription-based delivery service, Supr Daily, in five cities, as it is yet to demonstrate profitability. 
Uber CEO Dara Khosrowshahi, for instance, said it will slow down hiring and cut down on marketing and incentive spending to address a “seismic shift” in investor sentiment.
As 2020 and 2021 were all about exuberance, record fundraising and a unicorn being minted every other week, then will 2022 be all about markdowns and layoffs?

Startups Shrink: From unicorns to layoffs, the firing squad is here

From a funding boom to mass layoffs, a look at startups that laid off around 5,700 employees 

From a funding boom to mass layoffs, a look at what has led to around 5,700 employees being rendered jobless

The unicorn story is changing from hiring to firing. India's startup&nbsp;ecosystem seems to be shrinking as new market realities have set in. It may have been Better.com's&nbsp;firing debacle on Zoom that went viral but now the story is hitting home with local startups&nbsp;joining the&nbsp;firing squad.&nbsp; Meesho,&nbsp;the e-commerce platform&nbsp;has laid off nearly 150 employees, mostly from its grocery division superstore called Farmiso, as it reportedly plans to merge its online grocery vertical with the main app.&nbsp;
Unacademy- which saw revenues going up around six times in 2021, laid off nearly 600 employees, contractual workers and educators &mdash; about 10 per cent of its 6,000-strong workforce across the group.
Also read/watch|&nbsp;<a title="Mass layoffs at American companies: Here is who is firing" href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753">Mass layoffs at American companies: Here is who is firing</a>
Furlenco, the furniture rental startup in March laid off nearly 180-200 employees, mostly from the customer support roles and in the same month, another social commerce platform, Trell asked nearly 300 employees to go, which is close to half of its workforce.
In a nightmare for nearly 1,000 employees, homegrown edtech startup Lido Learning which is backed by top entrepreneur Ronnie Screwvala, apparently shut operations in February, forcing its workforce to seek help via social media platforms.&nbsp;
Edtech unicorn Vedantu has laid off around 200 employees, a mix of both full-time and contracted employees. And many educators faced the same tune as&nbsp;Byju&rsquo;s owned and operated coding platform WhiteHatJR reportedly axed 1,800 of its employees to cut costs involved in selling and supporting international markets.&nbsp;
Also read/watch|&nbsp;<a title="LIC IPO allotment today: Here is how to check if you got shares" href="https://www.editorji.com/business-news/lic-ipo-how-to-check-allotment-status-1652261636630" target="_blank">LIC IPO allotment today: Here is how to check if you got shares</a>
This is not the end. Food and grocery delivery platform Swiggy said it will suspend operations of its subscription-based delivery service, Supr Daily, in five cities, as it is yet to demonstrate profitability and out Swiggy&nbsp;Genie back in the bottle.&nbsp;
As 2020 and 2021 were all about exuberance, record&nbsp;fundraising and unicorns being minted every other week, 2022 has kickstarted on a different road which seems to have of speed bumps along the way.&nbsp;

Crippling sanctions imposed on Russia by the US and other western nations are already showing an impact on the global economy, with rising energy & commodity prices and supply chains hit. 
While the West has signalled a clear decoupling from Moscow, should India brace for impact? Finance Minister Nirmala Sitharaman's visit to the United States this week allayed some fears.
The trip comes close on the heels of the US-India 2+2 dialogue held earlier this month, and is well-timed to steer the bilateral trade relationship between the two nations, in a favourable direction.
Nirmala Sitharaman's agenda is packed. A meeting with the IMF Managing Director; followed by bilateral meetings with Indonesia, South Korea, Sri Lanka; a meeting with World Bank president David Malpass; meetings with US CEOs from the semiconductor, energy and other priority sectors; an address at the Atlantic Council; and, an interaction with the faculty and students of Stanford University.
Things seem to be going well. International Monetary Fund Managing Director Kristalina Georgieva has lauded India for its well-targeted policy mix to keep the economy resilient. She also praised India’s commitment to support economic growth through capital expenditure.
Although there was some discomfort over India buying discounted oil from Russia to meet its energy needs, the US has not set a "red line".
After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported.  In 2021, India bought about 12 million barrels of Urals oil from Russia, around 2% of its total imports.
However, since February, India's oil imports from the US have gone up significantly, which is good news for India-US ties. According to officials, India's oil imports from the US are expected to rise by 11% amid criticism over Russia. 
The partnership between the world’s two largest democracies and free-market societies has shown impressive gains. The United States is India's largest trading partner with bilateral trade between the two nations at $113.6bn in 2019-20. India's exports to the US stood at $51.62 bn in 2020-21, while India's imports from the US were about $28.9 bn in 2020-21.
China’s assertiveness is another major reason why both India and the United States seem to be aligned in their economic and trade strategies. Despite divergences on Russia, the US and India understand that ceding the Indo-Pacific region to China may have irreversible consequences.
Therefore, the first step in cementing those ties was to restart the Trade Policy Forum or TPF after a gap of 4 years. US trade representative Katherine Tai met Commerce Minister Piyush Goyal in Delhi last November, to discuss “the full range” of issues affecting their trade relationship.
The Biden administration is also shaping up the Indo-Pacific Economic Framework or IPEF, to economically re-engage with the region, with India taking the lead.
The IPEF will set the US agenda, with a focus on 4 pillars: fair and resilient trade; infrastructure, clean energy, and decarbonization; supply chain resiliency; and tax and anti-corruption. Finance Minister Nirmala Sitharaman has called it ‘a fantastic thought’ which will further bolster India-US ties.
“It is a very innovative way of engaging with countries in that region--Vietnam, Philippines, Malaysia, Thailand. PM Modi is looking at it and we will take a considered view. It will bring new traction to the relationship", said the Finance Minister.
Washington understands that India is an important trading partner, so expanding the mandate of the Quad may be another way to shape the regional economic order to counter China’s influence.
Australia, India, Japan, and the United States, represent four of the largest and strongest economies that should be involved in setting the rules of the game, via a trade working group.
Experts have also argued that a bilateral free trade agreement could be the next frontier in the US-India relationship. Simply because it is not sustainable for the world's two largest economies to not have a trade architecture in place between them, and be outside of the Trans-Pacific Partnership. 
Washington & New Delhi are now looking to take bold strides, to show that democracies can deliver.  $500bn in bilateral trade between the two countries, seems like an achievable target. This will position the US-India partnership as a force to reckon with, and provide impetus for global growth.

Decoded | Nirmala Sitharaman's visit in Washington: Bid to boost India-US trade ties?

Trade ties on agenda, Nirmala Sitharaman's US visit builds on the crucial 2+2 dialogue held earlier this month between the world's two biggest democracies, despite divergence on Russia.


Finance Minister Nirmala Sitharaman's&nbsp;US visit builds on the crucial 2+2 dialogue held earlier this month between the world's two biggest democracies, amid the ongoing Russia-Ukraine crisis.

Crippling sanctions imposed on Russia by the US and other western nations are already showing an impact on the global economy, with rising energy &amp; commodity prices and supply chains hit.&nbsp;
While the West has signalled a clear decoupling from Moscow, should India brace for impact? Finance Minister Nirmala Sitharaman's visit to the United States this week allayed some fears.
The trip comes close on the heels of the US-India 2+2 dialogue held earlier this month, and is well-timed to steer the bilateral trade relationship between the two nations, in a favourable direction.
Nirmala Sitharaman's agenda is packed.&nbsp;A meeting with the IMF Managing Director;&nbsp;followed by bilateral meetings with Indonesia, South Korea, Sri Lanka;&nbsp;a meeting with World Bank president David Malpass;&nbsp;meetings with US CEOs from the semiconductor, energy and other priority sectors;&nbsp;an address at the Atlantic Council;&nbsp;and, an interaction with the faculty and students of Stanford University.
Things seem to be going well. International Monetary Fund Managing Director Kristalina Georgieva has lauded India for its well-targeted policy mix to keep the economy resilient. She also praised India&rsquo;s commitment to support economic growth through capital expenditure.
Although there was some discomfort over India buying discounted oil from Russia to meet its energy needs, the US has not set a "red line".
After the US and China, India is the world's third-largest consumer of oil, over 80% of which is imported.&nbsp; In 2021, India bought about 12 million barrels of Urals oil from Russia, around 2% of its total imports.
However, since February, India's oil imports from the US have gone up significantly, which is good news for India-US ties.&nbsp;According to officials, India's oil imports from the US are expected to rise by 11% amid criticism over Russia.&nbsp;
The partnership between the world&rsquo;s two largest democracies and free-market societies has shown impressive gains.&nbsp;The United States is India's largest trading partner with bilateral trade between the two nations at $113.6bn in 2019-20.&nbsp;India's exports to the US stood at $51.62 bn in 2020-21, while&nbsp;India's imports from the US were about $28.9 bn in 2020-21.
China&rsquo;s assertiveness is another major reason why both India and the United States seem to be aligned in their economic and trade strategies. Despite divergences on Russia, the US and India understand that ceding the Indo-Pacific region to China may have irreversible consequences.
Therefore, the first step in cementing those ties was to restart the Trade Policy Forum or TPF after a gap of 4 years. US trade representative Katherine Tai met Commerce Minister Piyush Goyal in Delhi last November, to discuss &ldquo;the full range&rdquo; of issues affecting their trade relationship.
The Biden administration is also shaping up the Indo-Pacific Economic Framework or IPEF, to economically re-engage with the region, with India taking the lead.
The IPEF will set the US agenda, with a focus on 4 pillars: fair and resilient trade; infrastructure, clean energy, and decarbonization; supply chain resiliency; and tax and anti-corruption.&nbsp;Finance Minister Nirmala Sitharaman has called it &lsquo;a fantastic thought&rsquo; which will further bolster India-US ties.
&ldquo;It is a very innovative way of engaging with countries in that region--Vietnam, Philippines, Malaysia, Thailand. PM Modi is looking at it and we will take a considered view. It will bring new traction to the relationship", said the Finance Minister.
Washington understands that India is an important trading partner, so expanding the mandate of the Quad may be another way to shape the regional economic order to counter China&rsquo;s influence.
Australia, India, Japan, and the United States, represent four of the largest and strongest economies that should be involved in setting the rules of the game, via a trade working group.
Experts have also argued that a bilateral free trade agreement could be the next frontier in the US-India relationship. Simply because it is not sustainable for the world's two largest economies to not have a trade architecture in place between them, and be outside of the Trans-Pacific Partnership.&nbsp;
Washington &amp; New Delhi are now looking to take bold strides, to show that democracies can deliver.&nbsp;&nbsp;$500bn in bilateral trade between the two countries, seems like an achievable target.&nbsp;This will position the US-India partnership as a force to reckon with, and provide impetus for global growth.

Netflix’s disappointing earnings report caused its stock price to tumble about 23% —and one person who appeared to celebrate the news is Tesla CEO Elon Musk, the world’s richest man with a net worth of over $260 billion.
Responding to Netflix over subscriber loss, Musk tweeted late Tuesday night, “The woke mind virus is making Netflix unwatchable.”
What is Woke Mind Virus!
When a user responded to Musk that  “Not just Netflix. Movies in general, videogames, tv, it’s all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button. Nothing original anymore at all, except for media coming out of places like Japan or Korea,ironically.”  Musk agreed, replying “True,” adding, “Can they please just make sci-fi/fantasy at least *mostly* about sci-fi/fantasy.”
By highlighting “the woke mind virus,” Musk appears to be taking issue with Netflix’s attempts to offer more diverse content on its platform.
It is the first time that Netflix's subscribers have fallen since the streaming service became available throughout most of the world outside China six years ago. 

Explained: Woke Mind Virus; why is Musk blaming it for Netflix's downfall

What is Woke Mind Virus! and why is Musk blaming it for Netflix's downfall

Netflix&rsquo;s disappointing earnings report caused its stock price to tumble about 23%&nbsp;&mdash;and one person who appeared to celebrate the news is Tesla CEO Elon Musk.
Responding to&nbsp;Netflix&nbsp;over subscriber&nbsp;loss, Musk&nbsp;tweeted, &ldquo;The woke mind virus is making Netflix unwatchable.&rdquo;
What is Woke Mind Virus!
When a user responded to Musk that&nbsp;&nbsp;&ldquo;Not just Netflix. Movies in general, videogames, tv, it&rsquo;s all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button. Nothing original anymore at all, except for media coming out of places like Japan or Korea,ironically.&rdquo;&nbsp; Musk agreed, replying &ldquo;True,&rdquo;&nbsp;adding, &ldquo;Can they please just make sci-fi/fantasy at least *mostly* about sci-fi/fantasy.&rdquo;
By highlighting &ldquo;the woke mind virus,&rdquo; Musk appears to be taking issue with Netflix&rsquo;s attempts to offer more diverse content on its platform.

It is the first time that Netflix's subscribers have fallen since the streaming service became available throughout most of the world outside China six years ago

Netflix&nbsp;lost on average 2000 subscribers a day over the last 100 days and it will get worse. Why you ask? Elon&nbsp;Musk has an explanation - Woke Mind Virus&nbsp;
Responding to&nbsp;Netflix&nbsp;over subscriber&nbsp;loss, Musk&nbsp;tweeted&nbsp;late Tuesday night, &ldquo;The woke mind virus is making Netflix unwatchable.&rdquo;
Also read/watch|&nbsp;<a title="Are you sharing a Netflix password? Not for long" href="https://www.editorji.com/business-news/are-you-sharing-a-netflix-password-not-for-long-1650438941399">Are you sharing a Netflix password? Not for long</a>
What is Woke Mind Virus!
It is a term that made it's debut from the eccentric billionaire in December 2021 when he accused stand up comedy to have a woke mind where they were not open to taking an opposing side and favoured the left entirely.&nbsp;
He also said this Woke Mind Virus is the single biggest threat to civilization. Alluding to left aligned stand up comedy he said 'wokeness&nbsp;is exclusionary, racist and divisive'&nbsp;
Also read/watch|&nbsp;<a title="Netflix loses viewers for the first time in 10 years" href="https://www.editorji.com/business-news/netflix-loses-viewers-for-the-first-time-in-10-years-1650425032837">Netflix loses viewers for the first time in 10 years</a>
Woke and Netflix&nbsp; When a user responded to Musk that&nbsp;&nbsp;&ldquo;Not just Netflix. Movies in general, videogames, tv, it&rsquo;s all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button. Nothing original anymore at all, except for media coming out of places like Japan or Korea,ironically.&rdquo;&nbsp; Musk agreed, replying &ldquo;True,&rdquo;&nbsp;adding, &ldquo;Can they please just make sci-fi/fantasy at least *mostly* about sci-fi/fantasy.&rdquo;
By highlighting &ldquo;the woke mind virus,&rdquo; Musk appears to be taking issue with Netflix&rsquo;s attempts to offer more diverse content on its platform.

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


EJ Explains| Why India has banned wheat exports 

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

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

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

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

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

India bans export of wheat as prices soar domestically

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

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

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Debt-laden Jet Airways has said that it has no plans to exit the Jet Privilege program even if it receives massive business offers. A report by Livemint said that Jet is reluctant to completely exit Jet Privilege as a large part of their income is derived from redeeming of Privilege miles. Jet is seeking to sell a portion of its 49.9 per cent stake in Jet Privilege but will keep major stake after any deal. 

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.
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;
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.
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>

Meet Gautam Adani, not just India's but also Asia's richest man that has decisively broken into the top 10 rich list racing ahead of Mukesh Ambani, Oracle founder Larry Ellison and also Meta founder Mark Zuckerberg. Adani's Assets Runs and manages 7 out of the 8 PPP airports in IndiaIndia’s largest private power producer Largest solar power producer in India. The Adani Group is an Indian multinational

Gautam Adani; solar, cement, power, airports - this billionaire now has it all

Meet Gautam Adani, not just India's but also Asia's richest man that has decisively broken into the top 10 rich list racing ahead of Mukesh Ambani, Oracle founder Larry Ellison and also Meta founder Mark Zuckerberg. 


Adani's Assets!

The Adani Group was founded by Gautam Adani in the year 1988 as a commodity trading business, with the flagship company Adani Enterprises Limited.&nbsp;

Meet Gautam&nbsp;Adani, a self made billionaire who in a span of under 4 decades has become&nbsp;not just India's but also Asia's richest man. Adani&nbsp;has decisively broken into the top 10 rich list racing ahead of&nbsp;Mukesh&nbsp;Ambani, Oracle founder Larry Ellison and also Meta founder&nbsp;Mark Zuckerberg. Ranked number 8, the chief of Adani&nbsp;conglomerate has seen his wealth swell $22 billion in just 5 months this year. That's a gain of Rs 31,100 cr a month or Rs 311 crores&nbsp;a day!!&nbsp;
Also read/watch|&nbsp;<a title="Ambuja and ACC shareholders - this is what the Adani acquisition means for you" href="https://www.editorji.com/business-news/markets/ambuja-and-acc-shareholders-this-is-what-the-adani-acquisition-means-for-you-1652690403586">Ambuja and ACC shareholders - this is what the Adani acquisition means for you</a> So what all does Gautam&nbsp;Adani&nbsp;own! The billionaire's focus on the 'Atmanirbhar&nbsp;Bharat' policy has yielded great results as the group is&nbsp;India&rsquo;s largest private power producer and also the largest solar power producer in India. Hailing from Gujarat this first-generation businessman became&nbsp;the boss of the first private port of India at Mundra,&nbsp;Adani&nbsp;is eyeing everything from water to air as the group runs and manages 7 out of the 8 PPP&nbsp;airports in India. From the cement (ACC, Ambuja)&nbsp;that build your homes to the oil that is cooking (Adani&nbsp;Wilmar) in your kitchen to the news on the move (Quintillion Business Media), Adani&nbsp;is present everywhere.&nbsp; And it is not just his kitty that is swelling the Adani&nbsp;pack has given shareholders much to cheer about as the market cap&nbsp;of the group soars to above $200 bn and recent listing giving 180% return to its investors.&nbsp;

Holcim owns 63.19 per cent in Ambuja Cement and 4.48 per cent in ACC.Ambuja Cement, in turn, owns 50.05 per cent in ACC. So total holding is over 54% Hence, Holcim directly controls ACEM and indirectly controls ACC. and now that boss will be adani. As per SEBI norms - The Adani family will make an open offer to buy 26 per cent in these two companies from non-promoter shareholdersIf there is a successful open offer, Adanis stake would stand at 89% in ACEM and 81% in ACC and it would have to be seen if Adani then sells stake to comes down to 75% or de-lists the companies.What about a merger? -  1) removal of fees for transfer of mining leases.2) Rule changed in 2021 3) It should be noted that issues around transfer of limestone mines were cited as one of the reasons for not pursuing the ACC-Ambuja merger in 2018... In early May 2017, both ACC and Ambuja independently announced that they will consider a possible merger4) Limestone is one of the key raw materials that is required for manufacturing cement.

Ambuja and ACC shareholders - this is what the Adani acquisition means for you 

Adani now will directly controls Ambuja&nbsp;Cements&nbsp;and indirectly controls ACC

Gautam Adani&nbsp;jetted to Geneva to close a deal that has taken rivals by surprise but the new boss for Ambuja&nbsp;and ACC will face many questions from shareholders as discussions of&nbsp;open offer to a possible merger to even a delisting&nbsp;come to the table. Editorji&nbsp;explores the options: The Deal Dynamics
<ul>
<li>First the basics, Adani&nbsp;has bought over&nbsp;Holcim's&nbsp;India assets which is basically&nbsp;63.19 percent in&nbsp;Ambuja Cement&nbsp;and 4.48 percent in ACC.</li>
<li>Ambuja Cement, in turn, owns 50.05 percent in ACC. So total holding for Adani&nbsp;in ACC is over 54%&nbsp;</li>
<li>So now Adani directly controls Ambuja&nbsp;Cements&nbsp;and indirectly controls ACC.</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/indonesia-over-india-here-s-why-tesla-s-choice-for-production-hub-may-be-changing-1652683766453" target="_blank">Indonesia over India? Here's why Tesla's choice for production hub may be changing</a>
The Open Offer&nbsp;
<ul>
<li>As per SEBI&nbsp;norms -&nbsp;The Adani&nbsp;group will make an open offer to buy 26 per cent in these two&nbsp;companies&nbsp;from non-promoter shareholders</li>
<li>The open offer price for shareholders will be set at the offer made to Holcim&nbsp;-&nbsp; Rs 385 for Ambuja Cement and Rs 2,300 for ACC</li>
</ul>
Delisting on the cards?
<ul>
<li>If there is a successful open offer, Adani's stake would stand at 89% in Ambuja&nbsp;and 81% in ACC</li>
<li>As per SEBI&nbsp;norms promoter can only hold 75%, so Adani would have either pare stake or or de-lists the companies.</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/adani-to-acquire-ambuja-cement-and-acc-from-holcim-1652636823053" target="_blank">Adani to acquire Ambuja Cement and ACC from Holcim</a>
What about a merger?
<ul>
<li>In early May 2017, both ACC and Ambuja independently announced that they will consider a possible merger</li>
<li>This was not pursued due to high cost of transfer of limestone mines and fees for the same&nbsp;</li>
<li>Limestone is one of the key raw materials that is required for manufacturing cement.</li>
<li>The rules of&nbsp;fees for transfer of mining leases were changed in 2021 making the merger feasible once again</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/world-news/amazon-founder-vs-joe-biden-jeff-bezos-slams-us-president-for-linking-inflation-wealth-tax-1652614447664" target="_blank">Amazon founder vs Joe Biden: Jeff Bezos slams US President for linking inflation, wealth tax</a>

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

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

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

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

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

LIC IPL Listing: LIC IPO, which opened for subscription earlier this month, is all set to list on the Indian exchanges on Tuesday, i.e May 17, 2022.

LIC IPO listing tomorrow: What does the grey market say

All eye on LIC IPO listing 

LIC&nbsp;is India's largest&nbsp;IPO&nbsp;till date as the government sold 3.5% stake for Rs 21,000 crore.

LIC IPO, which opened for subscription earlier this month, is all set to list on the Indian exchanges on Tuesday, i.e May 17, 2022.
The country's largest IPO&nbsp;by size -- Rs 21,000 crore-- got subscribed almost three times the offer, but investors may be a tad disappointed with the Initial public offering (IPO)&nbsp;listing.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/adani-to-acquire-ambuja-cement-and-acc-from-holcim-1652636823053" target="_blank">Adani to acquire Ambuja Cement and ACC from Holcim</a>
The government has fixed the issue price of <a href="https://www.editorji.com/business-news/lic-ipo-how-policyholders-can-apply-for-discount-1651640842198" target="_blank">Life Insurance Corporation (LIC)</a> shares at Rs 949 apiece, the upper end of the IPO price band. LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 a piece, respectively. The grey market premium (GMP) on the Life Insurance Corporation shares fell from as high as Rs 90 a share to zero and now finally to the negative zone. The GMP on <a href="https://www.editorji.com/business-news/markets/lic-ipo-the-path-to-profitability-explored-with-flexi-capital-1651739487113" target="_blank">LIC&nbsp;IPO</a>&nbsp;price was negative Rs 20, as per some reports.
The <a href="https://www.editorji.com/business-news/markets/reliance-jio-reliance-retail-ipo-coming-reports-1651201183978" target="_blank">Initial Public Offering (IPO)</a> of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The insurance giant has weathered turbulence en route to Dalal&nbsp;Street already.&nbsp;LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of over Rs 20,557 crore, LIC IPO is the biggest initial public offering ever in the country. &nbsp; The share sale initially planned to hit the markets in March. But the uncertainty in stock markets due to Russia-Ukraine war pushed the issue to current fiscal which begun in April.
Also read/watch | <a href="https://www.editorji.com/business-news/economy/ej-explains-why-india-has-banned-wheat-exports-1652506422550" target="_blank">Why India has banned wheat exports</a>

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