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 18,2020

Mumbai, Jan 18: Maharashtra Tourism Minister Aaditya Thackeray on Friday said shops, restaurants, malls and pubs will remain open 24 hours on an experimental basis in a few areas of Mumbai from January 26.

The areas where these establishments will remain open all night are Fort and Kala Ghoda in south Mumbai and Bandra Kurla Complex in the west.

Thackeray had batted for all-night-open eateries and other establishments in the city during the earlier BJP-Shiv Sena regime too.

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Agencies
February 29,2020

Thiruvananthapuram, Feb 29: With Saudi Arabia indefinitely suspending visas for visit to Islam's holiest site for the Umrah pilgrimage in the wake of coronavirus outbreak, more than 10,000 people in the state who are awaiting their turn this year for the annual Hajj pilgrimage are a worried lot.

"This year more than 10,000 people in Kerala have been cleared by the Hajj committee," said C Muhammed Faizy, chairman, Kerala State Hajj Committee.

"There is no cause of worry. We hope that during the time of the pilgrimage, the travel restriction by Saudi Arabia will be lifted," he said.

Umrah is a pilgrimage to the holy site that can be undertaken at any time of the year, while the annual Hajj pilgrimage has specific months according to the lunar calendar.

"The move by the Saudi Arabian Government to impose travel restriction was due to the outbreak of coronavirus. It is a preventive step to contain it. In such large gatherings, if one person is affected, it will spread to others. So we fully understand the concerns of the Saudi Government," Muhammed Faizy added.

He said that the Hajj Committee only processes the requests of annual Hajj visit pilgrims and not Umrah.

"This year we expect the Hajj pilgrimage season to be from June to August after Ramzan. But it may vary according to the Ramzan date. We are yet to get any official correspondence from the Saudi Government regarding travel restrictions," he added.

The Saudi Arabian Government suspended visas for tourists from countries affected by the coronavirus, with many having to cancel their Umrah pilgrimage at the last minute.

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News Network
March 31,2020

Thiruvananthapuram, Mar 31: Kerala reported its second COVID-19 death after a 68-year-old man being treated for the virus, died at the Government Medical College Hospital here in the early hours on Tuesday.

The victim, Abdul Aziz, a retired ASI hailing from Pothencode here, was admitted to the isolation ward on March 23 with the symptoms of the Corona infection. He was also suffering from lung and kidney diseases.

Though his first test result for COVID-19 turned negative, the second test result confirmed positive, official sources said.

However, it was not known from where he caught the virus infection. leaving chances for a secondary contract of a COVID-19 patient.

His funeral will take place as per the protocol, the sources added.

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