Daily News Podcast: Walmart cuts Brazil business to focus on India : Bulletin: Business Today
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Daily News Podcast: Walmart cuts Brazil business to focus on India

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May 1, 2018

Why duty-free shops at Indian airports may not offer the cheapest rates in future
Authority for Advance Ruling (AAR) threatened to implement GST on duty-free shops. According to a representative of Flemingo, the largest operator of duty-free shops in India, if the AAR decision is implemented, the price of duty-free goods other than liquor could go up by 9-14%.

GoAir sues former MD for allegedly stealing sensitive info, sharing with rival IndiGo: Report
Low-fare airline GoAir has reportedly sued former managing director Wolfgang Prock-Shauer who joined the rival airline IndiGo in February for allegedly sharing confidential information about the airline with its competitor. A Mint report suggested that GoAir submitted some papers in the Bombay HC on February 13, saying Wolfgang stole these papers and shared them with IndiGo, the country's largest airline, reported Mint.

Walmart cuts Brazil business to focus on India
Walmart Inc's urgency to stem market share losses to rivals around the world is driving it to partner with local players in the UK and India, even as it scales back in some other markets like Brazil. The world's largest retailer is in talks to merge its UK arm ASDA with J Sainsbury Plc in which it will hold a minority stake. Walmart is also looking to acquire a majority stake in India's leading online retailer Flipkart for $10 billion to $12 billion after years of underperformance in the country. The moves underscore Walmart's renewed focus on catching up with competitors, ranging from grocer Aldi Inc to Amazon.com Inc, in key international markets. The retailer's underperforming international business contributed less than a quarter to its total revenue of $500.3 billion in fiscal 2018.

Venezuela's offer to India: Buy crude oil at 30% discount but through cryptocurrency
Venezuela, a South American country with the largest oil reserves in the world, has apparently offered India a deal of 30 per cent discount on crude oil, if India decides to buy it through digital currency. Venezuela's blockchain-based digital currency Petro is the world's first state-backed virtual currency that recently tied up with a Delhi-based digital currency exchange Coinsecure. The bitcoin trading company will now sell oil-backed cryptocurrency Petro in India. Launched last year by the Venezuelan government, Petro is set to be formally recognised after the presidential elections in the country on May 20. Petro was put on pre-sale on February 20, following which the digital currency has raised over $3.8 billion so far. Venezuela's blockchain department had sent a team of experts to India in March, after which the deal was struck with Coinsecure, reported Business Standard, quoting company's CEO Mahit Kalra saying "Venezuela wanted Petro as a cryptocurrency on Coinsecure".

Govt not considering cutting excise duty on petrol, diesel
The government is not considering cutting excise duty on petrol and diesel yet as rates have not touched levels that could trigger such an action, said Economic Affairs Secretary Subhash Chandra Garg. State oil firms have not revised petrol and diesel price for almost a week now. This after petrol price hit a 55-month high of Rs 74.63 a litre and diesel rates climbed to a record high of Rs 65.93. In an interview to PTI, Garg said oil prices can impact the government's fiscal maths if they result in a spike in rates of domestic cooking gas (LPG) - the only commodity that is subsidised now.

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