U.S. retail giant Walmart will lead a US$1.2 billion investment in its Indian e-commerce unit Flipkart, giving it a valuation of US$24.9 billion, Flipkart said on Tuesday. BENGALURU: Flipkart will raise US$1.2 billion in funding led by majority owner Walmart Inc, the Indian e-commerce firm said on Tuesday, as it […]

Sylvia’s, a soul food restaurant on Malcolm X Boulevard in Harlem, New York, saw a welcome bump in donations and revenue from new customers in early June following calls to “buy Black” after the death of George Floyd. NEW YORK: Sylvia’s, a soul food restaurant on Malcolm X Boulevard in […]

Bharti Airtel Ltd is partnering with Verizon Communications Inc’s BlueJeans to launch a business-focused video conferencing tool, the Indian wireless carrier said on Tuesday. NEW DELHI: Bharti Airtel Ltd is partnering with Verizon Communications Inc’s BlueJeans to launch a business-focused video conferencing tool, the Indian wireless carrier said on Tuesday. […]

JPMorgan Chase & Co beat Wall Street estimates for profit in the second quarter due to a surge in trading revenue, while it set aside a record US$10.5 billion to brace for rising defaults as the United States slides into one of the worst recessions in decades. REUTERS: JPMorgan Chase […]

Citigroup Inc reported a nearly 73 per cent plunge in quarterly profit on Tuesday as the bank set aside US$5.6 billion to brace itself for a potential surge in loan defaults stemming from the coronavirus outbreak. The New York-based bank reported a profit of US$1.32 billion, or 50 cents per […]

LONDON: Prime Minister Boris Johnson on Tuesday (Jul 14) ordered Huawei equipment to be purged completely from Britain’s 5G network by 2027, risking the ire of China by signalling that the world’s biggest telecoms equipment maker is no longer welcome in the West. The seven-year lag will please British telecoms […]

U.S. consumer prices rebounded in June after three straight monthly declines as businesses reopened, but the underlying trend suggested inflation would remain muted and allow the Federal Reserve to keep injecting money into the ailing economy. WASHINGTON: U.S. consumer prices rebounded by the most in nearly eight years in June, […]

Wells Fargo & Co swung to a loss in the second quarter after setting aside US$9.5 billion to cover potential loan losses due to the coronavirus pandemic, the bank said on Tuesday. REUTERS: Wells Fargo & Co swung to a second-quarter loss as the coronavirus set back the bank’s progress […]

Finnish telecom gear maker Nokia is ready to replace Huawei equipment in Britain, the head of Nokia Britain said on Tuesday following the UK’s decision to stop using the Chinese manufacturer. REUTERS: Finnish telecom gear maker Nokia is ready to replace Huawei equipment in Britain, the head of Nokia Britain […]