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Monday
June 2018
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News Headlines
Dantewada: Goods train derailed, Naxal hands suspected        Never planned to meet Railway Minister Piyush Goyal in Delhi: Kerala CM Pinarayi Vijayan        GST rides on federalism: Narendra Modi        15 Killed, 10 Injured as Tractor-trolley Falls Into Canal in Telangana        Saudi Arabia's ban on women driving ends officially        White House spokesperson Sanders says she was kicked out of restaurant        Germany: Huge explosion rips through apartment building, leaves 25 injured        Hat-trick hero Kane helps England reach knockouts after beating Panama 6-1        Roger Federer loses No.1 spot as Borna Coric stuns him in Halle Open final        Federer beats Kudla to reach 12th Halle final        Hockey: Clinical India crush Pakistan 4-0 in CT opener        Infosys stable and on verge of something momentous: Nilekani        Boko Haram raid kills five in Nigeria: residents        Musharraf says he has not quit politics        AP will be torn apart if 'monkey gangs' come to power: CM        Congress neglected development of cities: PM        BJP will not allow Kashmir to get disintegrated from India: Shah        Wary of hacks, World Cup teams get serious on cybersecurity        You pass YoYo test, you play for India, says Shastri, Kohli endorses        Prof Debashis Chatterjee assumes charge as Director of IIM-K        
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Business News
Walmart expects to close Flipkart deal by the end of 2018
 
(Hyderabad, June 12, 2018): Walmart, the US retail giant which signed an agreement in May this year to acquire 77 percent stake in Flipkart, expects to close the deal before the end of current calendar year.

According to a regulatory filing with Securities and Exchange Commission (SEC), Walmart said the ongoing operations of Flipkart are expected to impact the US company's income negatively.

"In May 2018, the company announced it will pay approximately USD 16 billion in exchange for approximately 77 percent of the outstanding shares of Flipkart Group ("Flipkart"). The investment includes USD 2 billion of new equity funding... Closing is expected later this calendar year, and is subject to regulatory approval," the retail giant said.

"Upon closing and consolidating the financial statements of Flipkart, we expect the ongoing operations of Flipkart to negatively impact fiscal 2019 net income. We intend to fund the acquisition of Flipkart with a combination of newly issued debt and cash on hand," it added.

Speaking at an investors meet, Walmart Inc President, CEO and Director, Douglas McMillon, said they were learning about retail ecosystems and how they work around the world.

"We're learning a lot from China. We'll be learning even more from India. And we basically want to be in places that have a tremendous opportunity, which is what led us to Flipkart in India," he said in response to a query.

He said Flipkart, which has a strong management team, built out an ecosystem.

"In the case of India, it's worth it. If it had been a smaller market, we may have passed. But this is a unique opportunity.

"And when you look out 5, 10, 20 years from now, time will tell. But we're confident that we'll look back at it and say, Yes, that was a big bet. It was a bold bet. But we're glad we took it. We're not running this thing for one year," he said justifying the acquisition.

As Flipkart is expected to generate meaningful losses for at least the next few years, this is clearly an investment for the future..., Moody's Vice-President Charlie O'Shea had earlier said in a report commenting on the acquisition.


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PNB fraud: ED files charge sheet against Nirav Modi, associates
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SBI Q4 loss at Rs 7,718 crore as NPA provisions jump
PNB fraud: ED attaches Nirav Modi’s properties worth Rs 171 cr
Sohan Roy features in Top 100 Indian Business Owners by Forbes Middle East
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Saudi Arabia's ban on women driving ends officially
 (Riyadh, June 24, 2018):Saudi women are now officially allowed to get behind the wheel after
White House spokesperson Sanders says she was kicked out of restaurant
Germany: Huge explosion rips through apartment building, leaves 25 injured
Boko Haram raid kills five in Nigeria: residents
NATIONAL NEWS
Dantewada: Goods train derailed, Naxal hands suspected
 (Dantewada, June 24, 2018):Eight coaches and engine of a goods train travelling through Dante
GST rides on federalism: Narendra Modi
15 Killed, 10 Injured as Tractor-trolley Falls Into Canal in Telangana
AP will be torn apart if 'monkey gangs' come to power: CM
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