Walmart, the largest shareholder of Indian e-commerce giant Flipkart, is poised to invest approximately $600 million in a new fundraise for the startup, as confirmed by a Flipkart spokesperson on December 21. Reports suggest that Flipkart is actively engaging in talks to secure a total of $1 billion in fresh funds, with discussions underway for new investors to join the funding round. According to sources familiar with the matter, the latest funding is anticipated to value Flipkart at a premium of about 5% to 10% compared to its current valuation of $33 billion. However, this falls shor
Seoul and Tokyo have taken a major step towards economic reconciliation, holding their first high-level economic talks in eight years on December 21st. The meeting marks a significant breakthrough after relations were strained by historical disputes and trade restrictions. The talks, dubbed the "Joint Committee on Economic, Trade and Industrial Cooperation," aim to revitalize economic ties between the two Asian powerhouses. Previously stalled since 2016, the dialogue's resumption signals a thaw in relations that have witnessed positive momentum this year. Several factors have contribute
In a market twist, limited rice supplies from Vietnam have caused a price spike, sending Vietnamese rates soaring to their highest level since 2008. This unexpected jump has, in turn, fueled demand for the more affordable Indian parboiled rice variety, pushing its prices to their highest in two months. Vietnamese rice, known for its premium quality, has seen export disruptions due to factors like lower crop yields and stricter quality controls. This sudden supply crunch has created a vacuum that Indian exporters are eager to fill. Indian parboiled rice, while not as high-end as its Vietnam
India's western state of Gujarat has secured a major economic boost with investment pacts worth a staggering $18.75 billion signed with various firms across diverse sectors. This surge comes just days before the state's biennial investment forum, raising hopes for further industrial development. The deals, inked on December 20th, encompass a wide range of industries, including green energy, manufacturing, infrastructure, and finance. A significant portion, $5.11 billion, will be injected by Welspun Enterprises, partially focused on building green hydrogen and green ammonia facilities, alig
After two years of debate, EU finance ministers finally clinched a deal on Wednesday, breathing new life into the bloc's fiscal rulebook. The reformed regulations, set to take effect in 2025, offer member states more leeway in debt reduction timelines and incentivize investments critical for Europe's future. This shift marks a departure from the stricter fiscal straitjacket imposed after the 2008 financial crisis. The pandemic further squeezed economies, pushing debt levels to record highs. Coupled with ongoing geopolitical and economic uncertainties, the need for greater flexibility becam
Razorpay, Cashfree, and Open have received the final approval from the Reserve Bank of India (RBI) to operate as payment aggregators. This comes after Razorpay temporarily halted onboarding new online merchants in December 2022, following an advisory from the RBI. A spokesperson for Razorpay expressed excitement about the recent authorization, stating, "We are now open to onboard new businesses on our Payment Gateway platform!" The company, having received the final authorization under the Payment Settlements Act, 2007, is eager to resume onboarding new customers and provide industry-first
Kenya and the European Union (EU) are on the verge of solidifying an Economic Partnership Agreement, marking a significant step toward providing Kenya with duty-free status and unhindered access to the EU market. The draft deal, initiated after seven months of negotiations and initially led in June, gained approval from the European Union Council last week. Rebecca Miano, Kenya's trade minister, emphasized the transformative impact of the agreement, stating, "Today's agreement heralds a new dawn where Kenyan goods gain immediate duty- and quota-free access to the European market." The EU s
In a significant move highlighting the ongoing thaw in geopolitical tensions, Abu Dhabi's state-controlled AD Ports Group is poised to acquire a stake in Turkey's key port, Izmir, according to confidential sources close to the deal. The investment, estimated at around $500 million, will be facilitated through an entity formed by the Turkey Wealth Fund, which currently owns the strategic Aegean coast port. While the size of the stake remains undisclosed, the deal underscores the warming relations between the UAE and Turkey. The Izmir port, owned by Turkey's sovereign wealth fund, is in dire
Britain is gearing up to wield a new weapon in its climate arsenal: a levy on carbon-intensive imports. Starting in 2027, steel, cement, fertilizers, and more will face a price based on their emissions and the carbon pricing gap between their origin and the UK. This "carbon border adjustment mechanism" aims to level the playing field for UK producers facing cheap, high-emission competition. Finance Minister Jeremy Hunt sees the levy as a two-pronged attack: protecting British businesses and pushing global emissions down. He emphasizes that imported goods must "face a comparable carbon p
Indonesia and Japan have successfully concluded negotiations to enhance their bilateral economic agreements, marking a crucial step towards improved trade relations. The announcement was made by Indonesia's Foreign Minister, Retno Marsudi, on December 16, following discussions between Indonesian President Joko Widodo and Japanese Prime Minister Fumio Kishida. As part of the agreement, Japan has committed to removing trade barriers, granting greater access for Indonesian products. This includes the elimination of tariffs on processed fishery items, a move that is expected to boost Indonesia