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Walmart completes acquisition of majority stake in Flipkart for $16 bn
Walmart, the world's largest retailer, has completed the acquisition of majority stake in India's leading e-commerce marketplace, Flipkart. Its closure sets the stage for India to become the latest battlefield in the fight for dominance between Walmart and its biggest rival, Amazon. Our investment will benefit India by providing quality, affordable goods for customers, while creating new skilled jobs and opportunities for suppliers. As was decided in May, Flipkart's current management, led by CEO Kalyan Krishnamurthy, will continue to run the e-commerce firm.
Nitish Kumar condoles Kofi Annan's death
Bihar Chief Minister Nitish Kumar today condoled the death of former UN Secretary General Kofi Annan, describing him as a great African diplomat and a humanistic personality. In his condolence message, Kumar called Annan a strong votary of international peace and security and prayed for succor to his near and dear ones and his supporters. Kofi Annan, who served two terms as UN secretary General from January 1, 1997, to December 31, 2006, died at the age of 80 in Switzerland.
Volkswagen's CEO was told about emissions software months before scandal: Der Spiegel
Volkswagen Chief Executive Herbert Diess was told about the existence of cheating software in cars two months before regulators blew the whistle on a multi-billion exhaust emissions scandal, German magazine Der Spiegel said. Following this meeting, Winterkorn asked Diess whether BMW too had installed defeat devices in its cars, Der Spiegel said. In the United States, legal engine management software is described as an auxiliary emissions device while the term defeat device is used to describe only illegal software.
Over 1.28 lakh Indian pilgrims reach Saudi Arabia for Haj
Over 1.28 lakh Indian pilgrims have reached Saudi Arabia to perform the annual Haj pilgrimage, officials said. A total of 1,28,702 Indian pilgrims are facilitated by the government to undertake the pilgrimage through the Haj Committee this year. As many as 466 flights have brought the Indian pilgrims to perform the annual Haj pilgrimage and the last flight landed Friday morning, according to the Indian consulate in Jeddah.
Walmart is now the largest shareholder of Flipkart
Walmart has sealed the deal with Flipkart. The US retail giant announced today that it has completed the $16 billion investment to acquire approximately 77% in Flipkart, making Walmart the largest shareholder in the Flipkart Group. Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart, said Judith McKenna, president and CEO of Walmart International.
Indonesia President Joko Widodo opens 18th Asian Games
Indonesia President Joko Widodo declared the 18th Asian Games open in a glittering ceremony on Saturday, launching what promises to be a frenetic fortnight of breathless sporting action featuring the best of the continent's athletes. I hereby declare the 18th Asian Games 2018 open, Widodo said in front of a 50,000-plus crowd at the Gelora Bung Karno Main Stadium. Esports debuts as an official demonstration sport in Indonesia, which volunteered to host the Games after Vietnam pulled out in 2014 because of financial concerns.
Hyundai India Donates ₹ 1 Crore Towards Kerala's Flood Relief Fund
Hyundai has joined the growing list of auto manufacturers in India who has donated towards Kerala's Chief Minister Distress Relief Fund. As already mentioned, Hyundai is not the first automaker to extend support to the rain and flood-affected Kerala. Early this week TVS Motor Company announced a donation of 1 crore for the Kerala Chief Minister's Distress Relief Fund. Mercedes-Benz India and its dealer partners also came together to make a contribution of 30 lakh towards the relief fund.
Obituary: Kofi Annan struggled to escape the curse of history
Annan was brought up in an ethnically divided culture in his native Ghana, but one where dialogue was prized and outright conflict rare. Annan put the rivals in a room and told them: There is only one Kenya. I believed at that time that I was doing my best, Annan said years later. Although Annan was cleared of wrongdoing, his son Kojo was found to have used UN contacts to his improper advantage.
Arvind Kejriwal mourns death of Kofi Annan, terms it 'great loss' to humanity
Aam Aadmi Party(AAP) convenor and Delhi Chief Minister Arvind Kejriwal condoled the death of former United Nations Secretary General Kofi Annan today, terming it as a great loss to humanity. The Kejriwal government was earlier commended by Annan for successfully running Mohalla Clinics to provide free primary health services to the people. In a letter to Kejriwal in January this year, Annan had praised Mohalla Clinics as an initiative consistent with World Health Organisation's universal health coverage goal.
Kerala floods: Govt directs insurers to settle claims at the earliest
The government on Saturday directed speedy settlement of claims under its life insurance, general insurance and crop insurance schemes in flood-hit Kerala. Most of Kerala is inundated after heavy rains hit the state. Many people were displaced and massive losses to property, crops, vehicular transport and household durable items reported from across the state.
Incumbent upon PM Narendra Modi to safeguard Article 35-A: Valley trade bodies
The business community in Kashmir today said it was incumbent upon Prime Minister Narendra Modi to safeguard Article 35-A of the Constitution if he was honest in his deeds and words to embrace the people of the valley. Article 35-A, which provides special rights and privileges to the people of Jammu and Kashmir, is currently facing a legal challenge in the Supreme Court.
Texas jury finds Toyota negligent in accident, awards $242 million to family
A Texas jury awarded damages of $242 million to a Dallas family after finding that defects in the family's Lexus sedan caused injuries to their two children during a rear-end collision, the law firm representing the plaintiffs said on Friday. The collision involving the family's 2002 Lexus ES 300 sedan occurred in September 2016. The 3-year-old son and 5-year-old daughter of Benjamin and Kristi Reavis were in the car's back seat, in child safety seats, the statement said.
Insolvency: Govt may come up with new law for registered valuers
The government plans to come up with a separate legislation for registered valuers who can help arrive at better valuation of bankrupt companies under the insolvency process, Corporate Affairs Secretary Injeti Srinivas said on Saturday. Noting that the Insolvency and Bankruptcy Code (IBC) was stabilising, Srinivas said proper valuers were the critical missing link in the process since most insolvency professionals were poorly equipped since it was a new area for them.
FCCU shutdown not impacting Jamnagar refining business: RIL
Reliance Industries (RIL) today said a short shutdown of one of the Fluid Catalytic Cracking Units (FCCUs) at its Jamnagar complex would not impact the production. Jamnagar Refining Complex has two independent crude oil refineries, each with several secondary processing units. The company does not expect any material impact on its overall refining and marketing business due to this short duration event, it said. RIL was replying to a clarification sought by NSE over the shutdown of the FCCU.
Public sector banks on track to clear bad debts; loan recovery put on fast track
The public sector banks (PSBs) have witnessed an exponential rise in loan recovery in the current financial year. The recovery amount is likely to double in 2017-18 if the banks manage to keep up the same pace. Other major banks such as State bank of India (SBI), Bank of Baroda (BoB) and Bank of India (BoI) also witnessed a healthy improvement in loan recovery. On the other hand, BoB and BoI managed to recover twice the loan they had recovered in Q1 FY18.
India's most reformist leader took one wrong step
Behind the mourning was a certain nostalgia; many remember his time in office as an enchanted moment, the high-water mark of confidence in India's future. This isn't to say that Vajpayee's government wasn't reformist: It had more market-friendly ministers than any government since. It opened up the telecommunications sector, invested in roads and highways, and defused the fiscal time bomb that India's state pensions were becoming.

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