Walmart unit asked to explain India biz model

Walmart unit asked to explain India biz model

New Delhi : Walmart Inc’s unit has been asked to explain its business model in India after its acquisition of e-commerce platform Flipkart, following an objection raised by a local traders body. India’s National Company Law Apellate Tribunal (NCLAT), which is in charge of matters related to Indian companies, issued an order to Walmart Inc subsidiary Wal-Mart International Holdings Inc, the document dated Sept. 6 showed.

The Confederation of All India Traders filed their plea late last month against the $16 billion acquisition. NCLAT has asked Wal-Mart International to file its reply by Sept. 20.




Amazon digital ad share on the rise

Amazon digital ad share on the rise

San Francisco : Online retail colossus Amazon is gaining ground in the US digital advertising market as the dominance of Google and Facebook erodes, according to an eMarketer forecast released on Wednesday. The market tracker predicted that Amazon will take in $4.61 billion in online a

Sony to release ‘classic’ PlayStation

Sony to release ‘classic’ PlayStation

Paris : Sony announced Wednesday it plans to launch a miniature games console designed like the original PlayStation pre-loaded with 20 vintage games as it joins the retro gaming craze just in time for Christmas. Dubbed the PlayStation Classic, the new console comes with a considerably

Amazon, Samara buy India’s ‘More’

Amazon, Samara buy India’s ‘More’

New Delhi : Amazon.com Inc and Indian private equity firm Samara Capital have bought Aditya Birla Group-owned ‘More’ retail chain for an enterprise value of 42 billion rupees ($580.35 million), CNBC TV18 reported yesterday, citing sources. Amazon’s latest acquisition

Cyprus, Egypt in gas pipeline deal

Cyprus, Egypt in gas pipeline deal

Nicosia : Cyprus and Egypt yesterday signed an agreement paving the way for the Mediterranean’s first subsea pipeline to carry Cypriot natural gas to the Arab country for re-export to Europe. “Today’s signing is an important milestone, not only for Cyprus but also the

Nestle to sell insurance unit for $1.55 bn

Nestle to sell insurance unit for $1.55 bn

Geneva : Nestle said Monday that it had agreed to sell its Gerber Life Insurance unit for $1.55 billion (1.3 billion euros), in the company’s latest bid to redouble its focus on food and beverage. The Switzerland-based food giant said the deal with Western & Southern Financia

Support for firms attending GITEX

Support for firms attending GITEX

Manama : The Labour Fund (Tamkeen) has signed an agreement with Bahrain Technology Companies Society (BTECH) to support 40 enterprises that take part in the Bahraini National Pavilion (BNP) at GITEX2018. GITEX Technology Week will be held from October 14 to 18 at Dubai World Trade Cent


‘Trump suggested Sahara wall to stem migrants’

‘Trump suggested Sahara wall to stem migrants’

Madrid : Spain’s foreign minister revealed that US President Donald Trump suggested building a wall along the Sahara desert to stem the arrival of migrants, as he plans to do on the Mexican border. “Closing ports is not a solution, and neither is building a wall along the S

Pakistan wants Saudi join CPEC

Pakistan wants Saudi join CPEC

Islamabad : Saudi Arabia will be the third “strategic partner” of the $50 billion China-Pakistan Economic Corridor (CPEC), a senior Pakistani minister announced yesterday, soon after Prime Minister Imran Khan returned from his first foreign trip to the cash-rich kingdom.

Amazon digital ad share on the rise

Amazon digital ad share on the rise

San Francisco : Online retail colossus Amazon is gaining ground in the US digital advertising market as the dominance of Google and Facebook erodes, according to an eMarketer forecast released on Wednesday. The market tracker predicted that Amazon will take in $4.61 billion in online a

GCC national in the dock for using illegal weapon

GCC national in the dock for using illegal weapon

A drunken GCC national fired bullets into the air to break up a fight started by him, it is learnt. The action landed him in police net as he is accused of using an illegal weapon. He was arrested after a police complaint was filed against him. The GCC man had initially denied using the g

Sony to release ‘classic’ PlayStation

Sony to release ‘classic’ PlayStation

Paris : Sony announced Wednesday it plans to launch a miniature games console designed like the original PlayStation pre-loaded with 20 vintage games as it joins the retro gaming craze just in time for Christmas. Dubbed the PlayStation Classic, the new console comes with a considerably

Verdict date set for man accused of killing father

Verdict date set for man accused of killing father

A Bahraini drug-addict on trial for killing his father will learn his fate on October 31, 2018, announced the High Criminal Court yesterday. This came after a mental report to determine his psychological state deemed him responsible for his actions. The report showed that the defendant wa

Woman earns court order to rejoin husband

Woman earns court order to rejoin husband

The Court of Urgent Matters ruled in favour of a Bahraini woman who wanted to rejoin her husband. According to court details, the woman left her husband a few months ago and since then she had been staying with her father. “Although she expected her husband to reconcile with her, it did not

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