It’s vital to be aware of the latest news in the industry you’re working in or applying to. Here are some headlines you might find interesting:
Walmart to buy majority stake in Indian e-commerce firm
The US grocery giant, Walmart, having looked to expand in India for years,is buying a 75% stake in Indian e-commerce firm Flipkart later this week for approximately $15bn (£11bn). The two firms first held talks in 2016. Flipkart, which was founded in 2007, claims over 100 million registered users and says it facilitates more than 8 million shipments each month. Its chief rival in India’s fast-growing online retail sector is Amazon. Also focusing on expanding in India, Amazon tried to disrupt the transaction with their own bid. Flipkart needs Walmart to remain competitive in the long term, according to analysts, but some groups in India have already voiced concerns about how a deal might affect smaller retailers.
Match Group not worried by Facebook dating service
Earlier this month, Facebook’s chief Mark Zuckerberg unveiled a new dating service at his firm’s annual F8 developers conference in San Jose, California. Match Group, the owner of dating apps including Tinder and Match.com, however says that rather than being worried, they think the social media giant’s move could help de-stigmatise the online dating scene. Match said the average user of online dating services was active on three apps at a time and that it was “not a winner-take-all market” and that Facebook’s entry into the marketplace could even help people get more comfortable with the idea of dating sites and apps, so boosting numbers overall. Match.com shares dropped initially at their rival’s news, but were up 5% n after-hours trading on Tuesday.
Vodafone to expand network into Germany and eastern Europe
Cable networks in Germany and eastern Europe owned by US firm Liberty Global , which also owns Virgin Media, are to be bought by Vodafone for €18.4bn (£16.1bn). Vodafone’s biggest since its £112bn takeover of Mannesmann in 2000, it will allow Vodafone to expand its mobile, TV and broadband services in Hungary, Romania and Czech Republic. Deutsche Telekom, which is Europe’s biggest telecoms operator by revenue and owns T-Mobile, has voiced strong objections to the move. Its chief executive, Timotheus Höttges, said it would distort competition and has also questioned whether regulators would approve the tie-up.
Shares in UK’s largest bakery chain drop because of Beast b>
Greggs, the largest bakery chain in the UK, is the latest UK business to cite The Beast from the East – the so-named freak March cold snap in Britain – as the cause of its financial distress. Along with retail giant, John Lewis, Jaguar Land Rover and Cadbury, all affected by the inclement weather, Greggs’ shares have tumbled. The ‘Beast’ forced the temporary closure of several stores and added to overall weaker trading in early spring. The company’s failure to keep delivering annual profit growth sparked an investor exodus, with shares sliding almost 15% to £10.78, valuing it at £1.1bn.
BMW recalls over 300,000 cars over stalling problem
BMW is recalling 312,000 petrol and diesel vehicles in the UK in addition to the 36,410 petrol cars last year over safety issues. The BBC’s Watchdog found that vehicles could cut out completely while they are being driven. The latest recall includes the BMW 1 Series, the 3 Series, the Z4 and its X1 petrol and diesel models made between March 2007 and August 2011. The German carmaker said it now recognised there may have been similar problems in cars not covered by the first recall. BMW initially recalled cars in the UK after a man died when his Ford Fiesta crashed into a tree to avoid a broken-down BMW in Guildford, Surrey with failed brake lights. An investigation by Watchdog has found that the fault could affect a wider number of cars.
Source: HN Global