Walmart Inc has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer’s biggest foreign investment ever as it battles rival Amazon.com Inc.
Chinese internet giant Tencent will announce a cultural trade deal with Britain, including fashion, deepening cooperation between the two countries and setting the stage for its own international expansion moves.
Alibaba Group Holding Ltd reported better than expected top line results on Friday, driven by strong sales in its commerce and cloud computing units, even as margins were squeezed by flurry of investments.
Walmart is likely to reach a deal to buy a majority stake in e-commerce player Flipkart by the end of June in what could be the U.S. retail giant's biggest acquisition of an online business, according to two sources.
Walmart Inc has opened its first small high-tech supermarket in China, where smartphones can be used to pay for items that are mostly available on the U.S. retailer’s store on Chinese online marketplace JD.com.