Bloomberg Walmart Inc. lost out in China by betting on the wrong horse. In India, the retailer is prepared to pay up to secure the top steed. The world’s biggest retailer is nearing a deal to buy a majority stake in India’s top online retailer for at least $12 billion, people familiar with the matter said. Flipkart Online Services Pvt’s ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM) and Shanghai Stock Exchange (SSE), China’s largest securities exchange, signed a MoU to cooperate on the establishment of a ‘Belt and Road’ exchange at ADGM. The cooperation harnesses Abu Dhabi’s strategic position along the Silk Road Economic Belt, ADGM’s best-in-class regulatory regime and SSE’s position as a growing global exchange. The ...

DUBAI/ Emirates Business The third Annual General Meeting (AGM) of Emaar Malls approved the distribution of cash dividends to shareholders amounting to AED 1.3 billion ($ 353.9 million), representing 10 percent of the share capital being 10 fils per share for 2017. The AGM also approved the report by the board of directors on the activities and financial position of ...

ABU DHABI / Agencies Mubadala Investment Company has acquired a minority stake in the general partner of Phoenician Capital, a New York-based investment management company. The investment was made through Mubadala Capital, Mubadala’s financial investment arm. The partnership includes an agreement for Mubadala Capital to invest in a fund managed by Phoenician Capital. “Phoenician Capital has built a strong international ...

DUBAI / Emirates Business Mashreq, one of the leading financial institutions in the UAE, has reported its financial results for the first quarter ending on March 31, 2018. The net profit of the company increased 9.5% year-on-year to AED 598 million primarily due to a 4% increase in operating income. The net interest income & net income from Islamic products ...

Dubai / Emirates Business DP World, UAE Region has underlined its position as the leading trade enabler by winning the Supply Chain Hub Award at the Logistics Middle East Awards 2018 organised by ITP Media Group. Abdulla Bin Damithan, Chief Commercial Officer of DP World, UAE Region received the award in the presence of leading industry executives from across the ...

Bloomberg The dollar rallied at the start of a week packed with catalysts, from economic data to new debt supply, as the yield on benchmark US Treasuries threatened to climb above 3 percent. Equities in the US fluctuated. The greenback strengthened against major peers as the yield on the US 10-year note hit 2.99 percent for the first time since ...

Bloomberg Love the currency, hate the stocks. Thanks to a strong exchange rate, clouds are once again gathering over European equities. That’s because the euro’s appreciation to an almost three-year high could mean overseas earnings lose some of their shine after conversion. Each 10 percent gain in the euro trims about 6 percent off earnings per share, Credit Suisse Group ...

Bloomberg Walmart Inc. is close to finalising a deal to buy a majority stake in India’s leading e-commerce company for at least $12 billion and may complete the agreement in the next two weeks, according to people familiar with the matter. All the major investors in Flipkart Online Services Pvt are now on board with the Walmart purchase, after an ...

Bloomberg Amazon.com Inc. shoppers are buying more packaged foods, pushing the e-commerce giant deeper into grocery sales. The world’s largest online retailer sold $650 million worth of consumer packaged food items in the first quarter, a 48 percent increase over the same period a year earlier, research firm One Click Retail said. Packaged food items include coffee, salad dressings, baby ...