Walmart, Microsoft team up to take on Amazon

Walmart said July 17, 2018 it was entering into a strategic partnership with Microsoft on “digital transformation” for the onetime retail industry leader. (File photo: AFP)
Updated 17 July 2018
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Walmart, Microsoft team up to take on Amazon

  • The move is aimed at helping Walmart compete better against Amazon
  • Walmart is already using Microsoft services for some applications

WASHINGTON: Walmart said Tuesday it was entering into a strategic partnership with Microsoft on “digital transformation” for the onetime retail industry leader.
The move is aimed at helping Walmart compete better against Amazon, which is taking a growing share of retail sales in the United States and globally.
The two firms said the partnership was focused on using artificial intelligence and other technology tools to help manage costs, expand operations and innovate faster.
“Walmart’s commitment to technology is centered around creating incredibly convenient ways for customers to shop and empowering associates to do their best work,” said Walmart chief executive Doug McMillon, Walmart CEO.
Microsoft’s business cloud computing platform known as Azure will help Walmart manage operations ranging from refrigeration and air conditioning to improving its supply chain and transportation.
“The world’s leading companies run on our cloud, and I’m thrilled to partner with Walmart to accelerate their digital transformation with Microsoft Azure and Microsoft 365,” said Satya Nadella, CEO of Microsoft.
Walmart is already using Microsoft services for some applications and will expand that to tap into Microsoft’s machine learning, artificial intelligence, and data platform, according to the statement.
Earlier this month, the research firm eMarketer said Amazon’s surging growth would enable it to capture 49.1 percent of US online retail sales this year, up from 43.5 percent.
Amazon is far ahead of online rivals like eBay, with 6.6 percent of ecommerce, and Apple, at 3.9 percent, according to eMarketer, which estimated Walmart’s share at 3.7 percent.
According to the research, Amazon now controls nearly five of the total US retail market, including online and offline.


First IT-related company starts trading in Saudi bourse

Updated 43 min 48 sec ago
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First IT-related company starts trading in Saudi bourse

DUBAI: Shares of Al-Moammar Information Systems Company started trading at the Saudi Stock Exchange (Tadawul) on Wednesday, the first IT-related entity in the bourse’s roster of 201 listed companies.

Al-Moammar Information Systems Company has been assigned a trading symbol of 7200. The trading symbol is used by investors and traders to transact orders.

Shares were up 3.2 percent to 48.2 riyals in late trade, with 1,038,877 counters changing hands.

The company held a five-day public offering last March and opened for subscription 4.8 million ordinary shares, at an offer price of 45 Saudi riyals per share, representing 30 percent of its paid-up capital.

Saudi Fransi Capital was assigned as financial advisor, lead manager, bookrunner and underwriter of the offering, while Riyad Bank, Saudi British Bank and Banque Saudi Fransi were tasked as receiving agents.