Happy Thursday, Munchers! 🙏

Hope you're all doing well.

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 10 seconds.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• US markets stayed flat as some momentum regained after yesterdays... overreaction. 😉

• Indian markets were surprisingly decoupled from the rest of the world. Remained flat.

• US wholesale prices notched their second monthly decline - calming inflation fears.

Story Roundup

1 - UK inflation finally dips back into single-digits. 😤

There's some relief in sight for the United Kingdom.

CPI inflation came in yesterday, and it just fell to 9.9% from a 40-year high of 10.1%.

Both Goldman Sachs and Citibank view UK's economy as 'weaker' - and predicted that British inflation would hit 20%+ by 2023.

One of the biggest reasons for this fall in inflation is a tumble in natural gas prices - which has been providing quite some relief for consumers at the gas pump.

Quite a breezer. 😮‍💨

2 - EU wants to grab $140bn in taxes from energy companies. 🤑

The EU is strong on income redistribution - and it wants to tax energy companies $140 billion.

According to the European Commission President, "it is wrong to receive record profits on the back of war".

She wants to target businesses that made a lot of $$$ after the energy rally - and tax them heavily.

This money is going to go to cushion the blow to consumers and smaller firms - most of whom don't have the cash-in-hand to deal with sudden expenses.

As some wise guy said, 3 things are certain in life.

Birth, death and tax.

3 - South Korea issues arrest warrant for a $40bn crypto criminal. 🪙

The guy that lost $40 billion of investor money is finally getting the short end of the stick.

Do Kwon - creator of the stablecoin TerraUSD - was responsible for a massive implosion in crypto markets, that left a lot of investors stranded.

South Korean courts want to arrest and extradite him for violating capital markets rules.

I guess you get what you deserve. 🤷

4 - Google gets fined $4.1 billion. 💀

The EU doesn't like competition - and they're fining violators heavily.

Google has been accused of using the dominance of Android OS to eliminate other competition.

They now owe the EU a cheeky fine of $4.125 billion.

Yeah, you read that right.

Last year, the EU fined Google $2.42 billion over something similar - for favoring it's own shopping service ahead of others'.

Wild. 😭

5 - Byju's losses widen to astronomic levels. 📉

There are a lot of red marks on Byju's report card.

They reported earnings yesterday - and their annual losses widened 20 times.

The company's revenue fell 3% year-on-year to $306m, but the profits were the stunning part.

Last year, they lost a fair $29 million - decent numbers for a hyper-growth startup.

This year, however, they lost a stunning loss of $577 million. 💀

The CEO blamed it on a few accounting practices - but the situation still looks wild.

Dangling on a knife's edge.

A few nibbles from Yep.

Traditional video chat isn't built for the way we talk.

Some of the best conversations happen spontaneously - because life goes by quick.

So why are all our video calls planned?

Yep is a video conference platform that's got all the good stuff.

One link, one click, and one second - that's how long it takes to start chatting.

Check Yep out here.

Hope you enjoyed this issue of the Market Munch. If you've got any feedback - good or bad (😏) you can hit reply to this email. Thanks a ton for reading!

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Cheers, and have a lovely day. 🙏

Aryaansh