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Walmart Flipkart Deal Finalised et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 10, 2018 12:45 PM 2 min read

End of Day Wrap-up (Thursday / May 10, 2018) #Walmart #Flipkart #Tax #ATM #Blackstone #WarburgPincus #OPEC #Anbang #WuXiaohui #US #Trade #US #Transfin

Editor's comment: US retail giant Walmart signs definitive agreement with Flipkart, acquiring 77% of the Indian e-commerce player for $16bn. Walmart share price down 3.13%, Sachin Bansal exits his 5.96% stake. Flipkart to retain its brand and operating structure. Retail major Kishore Biyani of Future Group says strategic deals with online players would be the future of retail in India. 


Tax department likely to withdraw notice issued to several banks demanding taxes on 'free services' such as cash withdrawals from ATMs, minimum balance, cheque books, account statements, internet banking, debit cards, PIN change etc.


Blackstone and Warburg Pincus in separate talks to invest in Max Financial Services for a minority stake.


OPEC may push for increased outputs in wake of re-imposition of US sanctions on Iran. This may reverse OPEC's approach of cutting production over the last 16m to eliminate the global oil supply glut. 


Chinese magnate Wu Xiaohui, founder of insurance company Anbang sentenced to 18 years in prison after being convicted of fraud and abuse of power. Court also confiscates $1.65bn in assets. Jail term is one of the lengthiest given to a private business executive in China.


Chinese telecom player ZTE Corp suspends all major operations after the US trade ban restricting its ability to buy crucial American technology, potentially shutting down one of the World's largest makers of phones and networking gear. Company trying to resolve Washington's blockade which is otherwise supposed to last for 7 years.