SoftBank to sell entire Flipkart stake to Walmart

Homegrown e-commerce firm Flipkart has about a third of India’s market. (Reuters)
Updated 23 May 2018
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SoftBank to sell entire Flipkart stake to Walmart

TOKYO: SoftBank Group Corp. said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart Inc.
Walmart said earlier this month it will pay $16 billion for a roughly 77 percent stake in Flipkart, the US retailer’s largest-ever deal.
A SoftBank spokesman declined to give further details.
SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion.


Iraq has enough oil capacity to meet customer needs: oil minister

Updated 25 April 2019
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Iraq has enough oil capacity to meet customer needs: oil minister

  • Thamer Ghadhban also says there are no acute oil shortages for the time being
  • but Iraq would continue to monitor the market to assess the need for additional supply

BAGHDAD: Iraq’s oil minister said on Thursday his country had the capacity to increase its oil production to 6 million barrels per day (bpd) if needed, but it was committed to OPEC-led output cuts and would not take unilateral action to boost supply.
Thamer Ghadhban also said there were no acute oil shortages for the time being, but Iraq would continue to monitor the market to assess the need for additional barrels at the next OPEC meeting.
On Monday, the United States decided not to renew exemptions from sanctions against Iran granted last year to buyers of Iranian oil, taking a tougher line than expected and triggering a rally in oil prices on fears of oil supply shortages.