Walmart's acquisition of homegrown online retailer Flipkart for USD 16 billion yesterday faced opposition from traders
Malaysia’s Mahathir says confident of victory, with strong poll lead
Malaysia’s veteran ex-leader Mahathir Mohamad, 92, said yesterday he was confident of victory as almost-complete results showed his opposition alliance with a strong lead in its fierce election battle against scandal-hit Prime Minister Najib Razak. A win for the opposition would amount to a political earthquake in Malaysia, which has been governed by the same ruling coalition for decades. Votes were still being counted after the closely-fought poll and the Election Commission did not confirm Mahathir had won.
Traders oppose Walmart-Flipkart deal, industry gives thumbs up
Walmart’s acquisition of homegrown online retailer Flipkart for USD 16 billion yesterday faced opposition from traders and an RSS affiliate, though industry body Assocham said it was a ‘salute’ to the success of Indian start-ups. While industry leader Kiran Mazumdar-Shaw saw the deal as a “huge endorsement for India’s first e-tailing” company, Future Group CEO Kishore Biyani termed it as “just an event of change of ownership” and everything else in the market remained the same.
Centre denies approval for Jet Airways-Jet Lite merger
Jet Airways today said the government has not given approval for the merger of its subsidiary Jet Lite with itself, nearly three years after the proposal was announced by the full service carrier. The merger proposal was approved by the board of Jet Airways in September 2015 and was later cleared by the airline’s shareholders in April 2016. In a BSE filing, the airline said the civil aviation ministry has not approved the merger of Jet Lite Ltd with itself. Consequently, the merger scheme stands revoked and cancelled, it added.
The recovery of nearly 10,000 voter identity cards from a flat in Raja Rajeshwari Nagar constituency in Karnataka set off a war of words between the Congress and the BJP, with both accusing each other of being behind it and petitioning the Election Commission seeking action and countermanding of the poll. The row erupted three days before the May 12 polls with the Congress accusing the BJP of “stage managing” the recovery of the I-cards in a “fake midnight drama”
Looming US sanctions: India may not cut oil imports from Iran
US President Donald Trump’s move to reimpose sanctions on Iran after more than two years of reprieve given to the Persian Gulf country could keep global crude prices elevated in the short to medium term, analysts reckon. Imminent production cuts by Iran come at a time when global supplies are already hit by falling crude production in Venezuela, increasingly a key supplier to India.