businesses

Walmart CEO Doug McMillon and Flipkart Co-Founder and CEO Binny Bansal during an programme to announce Walmart Inc.'s acquisition of Flipkart 77% stake, in Bengaluru on May 9, 2018. (Photo: IANS)

businesses, India, international, News 7 February 2019

American retail giant Walmart bets on India despite change in FDI norms

Bengaluru/New Delhi, Feb 7. American retail giant Walmart and its Indian e-tail major Flipkart are betting big on India despite the revised norms for Foreign Direct Investment (FDI) in e-commerce, the companies said. “Walmart’s and Flipkart‘s commitment to India is deep and long term. Despite the recent changes in regulations, we remain optimistic about the country,” the regional Chief Executive Officer of Walmart Asia and Canada Dirk Van den Berghe told IANS in a statement in New Delhi. The companies will continue to focus on creating “sustained economic growth and bringing sustainable benefits to India, including employment generation, supporting small businesses and farmers, and growing Indian exports to Walmart’s global markets”, added Berghe, who is also the retail giant’s Executive Vice President. Walmart’s assertion on the company’s commitment to India came after American investment bank Morgan Stanley in a report on Monday said the former might exit the country after the new FDI norms in e-commerce came into force on February 1. “An exit is likely, not completely out of the question, with the Indian e-commerce market becoming more complicated,” the New York-based financial services firm said in its report titled “Assessing Flipkart Risk to Walmart EPS (earnings per share)”. In May last year, Walmart bought 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 1,16,256 crore). The revised FDI norms in e-commerce, however, have tightened the noose around the businesses of the country’s leading e-tailers – Walmart-owned Flipkart and Indian arm of American e-commerce giant Amazon. The policy revisions, issued by the Ministry of Commerce and Industry on December 26, 2018, barred e-commerce platforms providing a marketplace from exercising control or ownership over the inventory and forbids any company to sell its products exclusively on an e-commerce platforms alone. The e-tail companies are now working towards changing the ownership of their inventory, so as to comply with the norms. क्या यह ख़बर/ लेख आपको पसंद आया ? कृपया कमेंट बॉक्स में कमेंट भी करें और शेयर भी करें ताकि ज्यादा लोगों तक बात पहुंचे कृपया हमारा यूट्यूब चैनल सब्सक्राइब करें स्तम्भ ‘मोदी युग’ की दो…

Former Brazilian President Luiz Inacio Lula da Silva

businesses, international, News 7 February 2019

Former Brazilian President Luiz Inacio Lula da Silva gets additional 13 year sentence

Brasilia, Feb 7. Former Brazilian President Luiz Inacio Lula da Silva was sentenced to nearly 13 additional years in prison on corruption and money laundering charges, judicial sources said. Lula, who served as President from 2003 to 2010, is currently serving a sentence of 12 years and one month on charges of accepting a luxury beachfront apartment from a construction firm in exchange for government building contracts, Xinhua news agency reported. Wednesday’s sentence, which lasts for 12 years and 11 months, also stems from a property deal and renovation project which prosecutors claim was actually a bribe. According to the new charges, construction companies spent hundreds of thousands of dollars renovating a hacienda or apartment that Lula and his family often used for getaways. In exchange, the government turned a blind eye to fraud and corruption schemes by the companies, which were involved in a corruption scandal centred on state oil giant, Petrobras. Lula, 73, was initially sentenced to nine years and six months in 2017 for the luxury triplex. He has denied all the charges, alleging that they were politically motivated to keep him from running again for office. With Lula behind bars, Brazil’s left-leaning Workers’ Party was forced to name a substitute candidate in the 2018 presidential elections, who was handily defeated in October by conservative Jair Bolsonaro, who took office on January 1. क्या यह ख़बर/ लेख आपको पसंद आया ? कृपया कमेंट बॉक्स में कमेंट भी करें और शेयर भी करें ताकि ज्यादा लोगों तक बात पहुंचे कृपया हमारा यूट्यूब चैनल सब्सक्राइब करें हस्तक्षेप ‘मोदी युग’ की दो परिघटनाएं, अल्पसंख्यक और अस्मितावाद की राजनीति करने वाले जितना जल्दी समझ लें उतना बेहतर छोड़-छाड़कर विकास की गली भाजपा फिर मंदिर चली नायकों पर कब्जा करने की संघी मुहिम : अब बारी नेताजी सुभाषचन्द्र बोस की 13 पॉइंट रोस्टर : बहुजनों में एजुकेशन डाइवर्सिटी के लिए पैदा हो आक्रोश! प्रियंका के आने से भाजपा ही नहीं क्षेत्रीय दलों की भी बढ़ी बेचैनी नवउदारवादी शिकंजे में आजादी और गांधी आरएसएस हिंदू धर्म को पूरी तरह से एक मजाक में तब्दील करने की मुहिम में लग गया है

businesses, India, News, Politics 6 February 2019

ED questions Robert Vadra for over six hours in money laundering case

New Delhi, Feb 6. Four days after a Delhi court ordered Robert Vadra to join the Enforcement Directorate (ED) investigation, he was questioned for over six hours on Wednesday. Robert Vadra, the brother-in-law of Congress President Rahul Gandhi, arrived at the ED’s office located in central Delhi’s Jamnagar House at 3.45 p.m and left at 9.35 p.m. He was accompanied by his wife and Congress general secretary for Uttar Pradesh East, Priyanka Gandhi Vadra to the agency office earlier in the day. However, after dropping Vadra at the ED office, Priyanka left the premises. It was the first time that Vadra was questioned by any investigative agencies. He was questioned by a team of seven ED officials of the rank of Deputy Director and Assistant Directors under the sections of Prevention of Money Laundering Act. According to a financial probe agency official, Vadra was asked questions relating to transactions, purchase and possession of certain immovable assets in London. The case relates to the ownership of 1.9 million pounds of undisclosed assets abroad, allegedly belonging to Vadra. The ED also lodged a money laundering case against Vadra’s close aide Manoj Arora after his role surfaced during a probe by the Income Tax Department into another case under the new Black Money Act and tax law against absconding arms dealer Sanjay Bhandari. The London property was allegedly bought by Bhandari and sold in 2010 for the same amount despite incurring additional expenses on its renovation. On December 7, as part of the investigation, the ED conducted searches at a number of premises in Delhi-NCR and Bengaluru. The ED counsel told the court earlier that the London property was part of the kickbacks received in a petroleum deal. The money was transferred by Santech International, FZC, a UAE-based company controlled by Bhandari. There were a few more properties that needed to be probed, the counsel said. The official said that Arora, an employee of Vadra’s Skylight Hospitality LLP, is a key suspect in the case as he is aware of the overseas investments and purchases made by his employer. He also said that…

Prince Albert II of Monaco calls on the President Shri Ram Nath Kovind

businesses, Climate Environment and Science, India, international, News 5 February 2019

Climate change, renewable energy priorities in India-Monaco ties: President Ram Nath Kovind

New Delhi, Feb 5. India and Monaco can further augment their ties by focusing on areas such as environment and climate change and renewable energy where they have a “strong meeting of minds”, President Ram Nath Kovind said on Tuesday. Welcoming Monaco’s ruler, Prince Albert II, who is on a week-long visit to India, he said that the two countries have always enjoyed a relationship of trust, friendship and mutually beneficial cooperation. “India-Monaco ties are doing well. However, there is scope to do a lot more together. On issues such as renewable energy, climate change and the environment, there is a strong meeting of minds between us. We must prioritise these areas for bilateral cooperation,” the President said. “India is the fastest growing major economy in the world, and Monaco’s technology and investment companies can significantly benefit from the Indian growth story.” President Ram Nath Kovind and Prince Albert also discussed various issues like trade and energy. On Monday, Prince Albert had attended the India-Monaco Business Forum. On the same day, The Prince Albert II of Monaco Foundation – founded by the Prince himself with an aim to protect the environment – had also signed a memorandum of understanding (MoU) with The Energy and Resources Institute (TERI) to support work in areas of priority which include energy, environment, climate, resource efficiency and sustainable agriculture. According to a statement released by TERI, both organisations will work towards information exchange on the strategies and programmes implemented in their countries, including sectoral policies, and priority actions to promote in those countries and the conditions for their implementation. President Kovind presented Prince Albert II of Monaco a photograph of his visit to the Indian Research Station ‘Maitri’ in Antarctica in 2009 pic.twitter.com/fDFm7xklPZ — President of India (@rashtrapatibhvn) February 5, 2019 “They will also aim to implement joint projects in these areas. A committee will also be set up under the agreement in order to facilitate the exchange of technical and scientific knowledge to benefit the common areas of work,” it said. The Prince will proceed on a private tour of India after his official…