Walmart buys controlling stake in India's Flipkart for $16 billion

Agencies
May 9, 2018

May 9: Walmart Inc has agreed to pay $16 billion (12 billion pounds) for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer’s biggest foreign investment ever as it battles rival Amazon.com Inc in one of the world’s biggest emerging markets.

The remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, China’s Tencent Holdings Ltd <0700.HK>, Tiger Global Management LLC and Microsoft Corp <MSFT.O>, the company said in a statement on Wednesday.

The investment was more than the $10-12 billion given by sources close to the deal in the past week.

Walmart said it expected the deal to knock about 25-30 cents off its earnings in fiscal 2019, assuming the deal closes at the end of the second quarter.

It also said that the deal included $2 billion of funding from new equity in Flipkart, which could be sold to additional investors in the future, diluting the U.S. company’s overall stake.

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News Network
January 6,2020

Aboard Air Force One, Jan 6: US President Donald Trump threatened sanctions against Baghdad on Sunday after Iraq's parliament called on US troops to leave the country, and the president said if troops did leave, Baghdad would have to pay Washington for the cost of the air base there.

"We have a very extraordinarily expensive air base that's there. It cost billions of dollars to build, long before my time. We're not leaving unless they pay us back for it," Trump told reporters on Air Force One.

Trump said that if Iraq asked US forces to leave and it was not done on a friendly basis, "we will charge them sanctions like they've never seen before ever. It'll make Iranian sanctions look somewhat tame."

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Agencies
January 11,2020

New Delhi, Jan 11: Senior Congress leader P Chidambaram on Friday said that he has never seen innocents like the Indian people, who believe the claims made by the government on the implementation of its programmes. The former Union Minister, addressing a literary event, said, "I have never seen innocents like the Indian people. If something appears on print (and named two newspapers also), we believe it. We believe anything."

Claims like all villages having been electrified in the country and toilets built for 99 per cent of families in India were being believed, he said.

Similar was the case of the Ayushman Bharat scheme, (Pradhan Mantri Jan Arogya Yojana or PM-JAY is a flagship health care scheme of the Centre), he alleged.

Stating that his Delhi-based driver's father had to get a surgery done under the scheme, he said, however, it could not be performed.

"I asked him (car driver) if he had the Ayushman card and he showed a card and I told him to take it (to hospital). In hospital after hospital, they said they were not aware of anything like that (Ayushman scheme). But we believe that the Ayushman scheme has come to the whole of India," he said.

Further, he said "we believe that for any disease, treatment will be done (indicating the Ayushman scheme) without shelling out money. We are being innocents."

Many news items and data were contrary to the truth, he added.

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Agencies
February 26,2020

New Delhi, Feb 26: The death toll in northeast Delhi communal violence over the amended citizenship law rose to 20 on Wednesday, according to GTB Hospital authorities.

On Tuesday, the death toll was 13.

"The death toll has risen to 20 today," Medical Superintendent of GTB Hospital, Sunil Kumar, told PTI.

Earlier, at least four bodies were brought to the Guru Teg Bahadur Hospital from the Lok Nayak Jai Prakash Narayan Hospital, a senior official said.

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