Walmart, the world's largest retailer, has paid $1.4 billion to buy out US-based Tiger Global's investment in e-commerce firm Flipkart, according to sources. The transaction puts Flipkart's valuation at $35 billion, against nearly $38 billion in 2021 when it raised funds from Japan's SoftBank, Walmart, and other investors. Tiger Global, Flipkart co-founder Binny Bansal, and Accel now have all fully exited the e-commerce firm by selling their stake to Walmart.
Rival bidders Vodafone and Reliance Communications are studying the possibility of taking an indirect route to acquire control of Hutchison Essar to skirt the right of first refusal claimed by the Essar group.
Envelopes containing white powder were received by top editors and executives of the Wall Street Journal, triggering a scare and rekindling the memories of the anthrax mailed in 2001. But after tests showed that it was apparently flour or food based, the powder was declared harmless.
The Sri Lankan army's hopes to crush Tamil Tigers and end Asia's longest running civil war are still not around the corner, a media report said. 'Peace still will not be easy or, despite recent good news, immediate. The Tigers may still be able to carry out some terror attacks, though they no longer pose a wide-scale threat. And Colombo faces questions about its commitment to a permanent political settlement,' a Wall Street Journal report said.
While the ministry sources clarified that the overall policy for fax editions is still under review, this proposal has been given approval on a case-to-case basis in FIPB's meeting held last week. The proposal was turned down twice earlier pending the review but the company had applied to FIPB under deferred proposal agenda in its meeting on January 9.
United States President-elect Barack Obama plans to issue an executive order, within his first week in office, to close down the infamous American detention centre at Guantanamo Bay, a media report said on Tuesday. The order, however, would not immediately close the prison, the Wall Street Journal said, citing two people with knowledge of the plan. It is the first step in what is expected to be a long process of determining what to do with the approximately 250 prisoners.
Attributing to a person familiar with the matter, The Wall Street Journal said, GM plans to begin paying back a $6.7 billion loan it owes to the US government starting late this year, which would put it on track to potentially repay the entire loan by the middle of 2011.
According to the Wall Street Journal, one of the characteristics of the long market downturns in the 1930s and the 1970s has returned and rank-and-file investors (retail investors) are losing faith in stocks and have pulled out record sums from equity schemes of mutual funds.
The stress of financial turmoil is literally showing on the faces of Americans, with many unemployed individuals growing beard in the country.
The top executives at Merrill Lynch and Morgan Stanley, led by their chief executives John Thain and John Mack, will not receive bonuses this year amid growing pressure on Wall Street leaders to share the pain of the financial crisis.
Arun Sarin, who recently retired as the Vodafone group CEO, is being considered for the post of chief executive of internet major Yahoo! Inc, the Wall Street Journal says.
Dow Jones said shares representing approximately 60.3 per cent of the outstanding voting power of the company were cast on Thursday in favour of the merger. Announcing the approval, Dow Jones said the stockholders' vote satisfies the final condition for the completion of the deal. The two companies had signed an agreement and plan of merger on July 31. The merger became effective on Thursday.
As part of the reshuffle, James Murdoch will step down as chief executive of British Sky Broadcasting, and replace his father as non-executive chairman of the UK satellite broadcaster.
Although now free, Mangal's ordeal may be far from over.
Attributing to a person familiar with the situation, The Wall Street Journal said that Bank of America's directors plan this week to settle on an emergency CEO pick, in case legal turmoil forces Lewis to step down before year-end.
