Daily News Podcast: Walmart to pay $16 billion for control of Flipkart : Bulletin: Business Today
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Daily News Podcast: Walmart to pay $16 billion for control of Flipkart

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May 10, 2018

Walmart to pay $16 billion for control of Flipkart

Walmart Inc said on Wednesday it will pay $16 billion for a roughly 77 percent stake in Indian e-commerce firm Flipkart, the U.S. retailer's largest-ever deal as it competes with Amazon.com Inc in an important growth market. Walmart's acquisition opens a new front in its battle with Amazon, which had expressed interest in making a competing offer. Amazon holds about 27 percent of India's burgeoning e-commerce market, according to Euromonitor, where Walmart only operates 21 cash-and-carry wholesale stores in the country that sell to businesses. Walmart expects the deal to help set it up "for growth and profits in the future," Chief Executive Officer Doug McMillon said on a call with investors as reported by Reuters

Walmart CEO says deal will empower Flipkart employees

Just hours after announcing Walmart's acquisition of Flipkart in the biggest e-commerce deal in the history, Walmart President and CEO, Doug McMillon sent out his remarks to Flipkart employees saying that the deal was the best decision they have ever made. Addressing the change in ideals after the takeover, McMillon assured, "Our values are very much aligned. Respect in people, striving for excellence, acting with integrity, doing things we can be proud of, and the customer focus." On the synergies of the deal, McMillon said the Bengaluru-based company can take advantage of Walmart's resources supply chain and retailing expertise - while Flipkart could share its experience and expertise in building an entire ecosystem around online commerce business.

Google announces Android P Beta, built on machine learning and artificial intelligence

The keynote at the Google I/O 2018 was all about artificial intelligence and machine learning. The search giant launched many features across products including Google Compose, which helps in writing emails faster, new Google News app with AI, Android P and more. With the Android P Beta, Google aims to make Android smarter and easier to use than ever. Android P has machine learning at its core and will help the smartphone learn and adapt as per the usage. Google has partnered with Deep Mind, the world leader in artificial intelligence, to build Adaptive Battery for Android P.

Noida International Airport project to be completed by 2022

The Ministry of Civil Aviation (MoCA) on Tuesday gave in-principle approval to the Uttar Pradesh government to build Noida International Airport at Jewar, a town situated about 100 kms away from New Delhi. This will be the second airport in the Delhi NCR region that will be expected to give relief to the existing airport in Delhi which is bursting at the seams. The bidding process is likely to start in the first week of July. The state government has formed an expert committee that will into the rehabilitation and resettlement process. The land acquisition process is expected to start by early June.

Vijay Mallya can be regarded as 'fugitive from justice', says UK High Court

Liquor baron Vijay Mallya, wanted in India to face charges of fraud and money laundering of around Rs 9,000 crore, can be regarded as a "fugitive from justice", the UK High Court has concluded. Judge Andrew Henshaw, who upheld a worldwide freeze order and ruled in favour of 13 Indian state-owned banks to recover funds amounting to nearly 1.145 billion pounds in a judgment, took note of the fact that the 62-year-old businessman is contesting his extradition to India relating to "alleged financial misconduct".

Chhota Bheem readies for Netflix and a new 3D project

Chhota Bheem, the popular cartoon character, which recently completed its 10 years, has powered its way in to Netflix. Being billed as the India's first Netflix original television show for children, a new version of the cartoon character would soon be available on the online streaming platform. The character, which is called "Mightly Little Bheem", would be a baby and therefore won't speak and this would make it possible for the channel to broadcast the content across the 190 countries. Rajiv Chilaka, the founder and CEO of Greengold Animation, creator of Chhota Bheem, informed Business Today that the company recently signed with Netflix for the show and is currently working on the production.
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