News

India

President Biden Hosting Leaders From India, Japan, Australia Friday in First 'Quad' Summit

AP News | Equities.com |

President Joe Biden on Friday is set to host the first in-person gathering of leaders of an Indo-Pacific alliance known as “the Quad” as he wraps up a difficult week of diplomacy after facing no shortage of criticism from allies and adversaries.

The White House meeting with leaders from India, Japan and Australia gives Biden a chance to put the spotlight on a chief foreign policy goal: greater attention to the Pacific in light of what the United States sees as China’s coercive economic practices and unsettling military maneuvering in the region.


Johnson & Johnson Says Indian Government Discussions Continue on COVID-19 Vaccine

Kimberly Redmond | Equities.com |

Johnson & Johnson says it is still in talks with the Indian government regarding its COVID-19 vaccine after the country’s drug regulator announced the pharmaceutical company pulled its application seeking an accelerated approval for local trials. https://cdsco.gov.in/opencms/opencms/system/modules/CDSCO.WEB/elements/common_download.jsp?num_id_pk=MTQyNA== 

The development comes two months after India said it was waiving a requirement for post-approval bridging tr...


India's Antitrust Regulator Accuses Amazon of Concealing Facts in 2019 Deal With Future Group

Reuters | Equities.com |

India's antitrust regulator has accused Amazon.com Inc of concealing facts and making false submissions when it sought approval for a 2019 investment in a Future Group unit, a letter to the U.S. e-commerce giant seen by Reuters showed.

The letter complicates Amazon's bitter legal battle with Future Group over the Indian's firm's decision to sell its retail assets to Reliance Industries, a matter that is now before India's Supreme Court.


Flipkart Raises $3.6 Billion at $37.6 Billion Valuation

Kimberly Redmond | Equities.com |

Indian e-commerce company The Flipkart Group announced Monday it has raised $3.6 billion in a new funding round, its first capital infusion from external investors since US retail giant Walmart Inc acquired 77% of the business for $16 billion in 2018.

Canada Pension Plan Investment Board (CPP Investments), GIC (Singapore's sovereign wealth fund), SoftBank and Walmart led the round, with participation from existing backers like Qatar Investment Authority.


India Records Over 412,000 New COVID-19 Cases, Setting Another Grim Record

AP News | Equities.com |

Infections in India hit another grim daily record on Thursday as demand for medical oxygen jumped seven-fold and the government denied reports that it was slow in distributing life-saving supplies from abroad.

The number of new confirmed cases breached 400,000 for the second time since the devastating surge began last month. The 412,262 cases pushed India’s tally to more than 21 million. The Health Ministry also reported 3,980 deaths in the last 24 hours, bringing the total to 230,168. Experts believe both figures are an undercount.


Microsoft and Alphabet CEOs Pledge Support to India Amid COVID-19 Crisis

Kimberly Redmond | Equities.com |

Microsoft Corporation’s Satya Nadella and Alphabet Inc’s Sundar Pichai are pledging to aid India as the country battles a crushing wave of COVID-19 cases.

On Monday, the two Indian-born chief executive officers said they would deploy resources to help India as a second wave devastates communities and strains hospitals across the country.


Countries Around the World Hitting New Records for Coronavirus Cases and Deaths

AP News | Equities.com |

Ambulances filled with breathless patients lined up in Brazil as nations around the world set new records Thursday for COVID-19 deaths and new coronavirus infections. The disease surged even in some countries that have kept the virus in check.

In the United States, Detroit leaders began making a plan to knock on every door to persuade people to get vaccine shots.


Few of Them Were To Be Trusted Within Reach of a Trowel and a Pile of BRICKS, Part III

Michael McTague | Equities.com |

In our final piece on the emerging economies, we delve into India, a nation with enormous potential. Despite its strengths, India faces as many challenges as other members of the BRICS group (Brazil, Russia, India, China and South Africa). Let’s begin on a positive note with India’s greatest strengths in the marathon race to reach emerged status.


Walmart's Flipkart Considers US Listing Via SPAC Merger

Reuters | Equities.com |

Walmart Inc-owned Indian e-commerce company Flipkart is looking at going public in the United States through a merger with a blank-check company, Bloomberg News reported on Thursday, citing people familiar with the matter.

Flipkart has reached out to several special purpose acquisition companies (SPACs) and could seek a valuation of at least $35 billion in a blank-check deal, the report here said.


India Prepares To Offer Tesla Incentives for Cheaper Production Costs Than China

Reuters | Equities.com |

India is ready to offer incentives to ensure Tesla Inc’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters.

Gadkari’s pitch comes weeks after billionaire Elon Musk’s Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India.


Sponsored Financial Content

Market Movers