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Indian suppliers to help us export $10 bn worth goods from country by 2027: Walmart CEO
Addressing Indian suppliers and partners here, McMillon reinforced Walmart's continued commitment to India and to building an ecosystem of suppliers and partners, including small and medium enterprises. He also reaffirmed Walmart's roadmap of strengthening partnerships with Indian communities, expanding opportunities for local.
Walmart laying off hundreds of employees to prepare for future needs of customers
Walmart is shrinking its workforce as many retailers plan on roughly flat or declining sales, reports CNBC. A company spokesperson said that this decision was not made lightly. "We're working closely with affected associates to help them understand what career options may be available at other Walmart locations," the spokesperson said in a statement.
Walmart may have to pay $1 bn tax on PhonePe shift to India: Reports
According to reports, citing sources aware of developments, the tax is the result of PhonePe's relocation and it's rising valuation, after Walmart took majority share in it. The reports citing sources also said that PhonePe is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority, and others, resulting in the heavy tax. Investors like Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of around Rs 800 crore for existing shareholders, the reports said.
US sues Walmart for facilitating money transfer scams worth $197 mn
In its lawsuit, the FTC alleged that for years, the company turned a blind eye while scammers took advantage of its failure to properly secure the money transfer services offered at Walmart stores. "The company did not properly train its employees, failed to warn customers, and used procedures that allowed fraudsters to cash out at its stores", according to the FTC's complaint. The FTC is asking the court to order Walmart to return money to consumers and to impose civil penalties for Walmart's violations.
Walmart to Target to FAANGM to crypto - the bears rule for now
After notching its worst month since 2008 in April, the tech-heavy index continues to deflate this month too, with many in danger of seeing their gains from the pandemic's earlier phases, boosted by the remote-everything boom, getting wiped out. The S&P500 was no exception. Sitting at 4,462 a month back, the index bled 12.65 per cent at 3,924 by Wednesday.
Walmart invites Indian sellers to expand overseas via its US marketplace
The company said that its initiative expands on over 20 years of Walmart's engagement with Indian exporters. India is already one of Walmart's top sourcing markets, and the company has set an ambitious goal of exporting $10 billion from India each year by 2027. "Building on our long history of partnership with Indian exporters, Walmart is now offering Indian businesses the opportunity to further their export dreams as Marketplace sellers," Michelle Mi, Walmart Vice President, Emerging Markets and Business Development - Global Sourcing, said in a statement.
Agritech startup Ninjacart gets $145 million fresh funding from Flipkart, Walmart
Flipkart invested in Ninjacart for the third time and the fresh produce supply chain company has also been investing in several tech platforms and supply chain infrastructure over the past two years, as per reports.
Walmart Vriddhi to help MSMEs access medical support to navigate Covid
The new program helps MSMEs support their family members and employees with telecare services and health advice and provides ongoing access to pandemic-related business advice and resources. MSMEs have been receiving capacity-building support via Walmart Vriddhi since the start of the pandemic, helping them grow to new markets through Flipkart and Walmart channels and the open marketplace.
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