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Reliance Group:

    Hong Kong/New Delhi (CNN Business)Amazon is once again on the back foot in its legal battle over the vast Indian retail market. An Indian court on Monday overturned an order that would have prevented Reliance Industries — a major Amazon (AMZN) rival — from buying Future Retail. The Delhi High Court had ruled only last week that the $3.3 billion sale of Future Retail should be put on hold. While the court noted that its judgment was not yet final, it said "immediate orders" were necessary to protect Amazon's rights, and ordered all parties involved in the deal to "maintain [the] status quo" while it deliberated.This week, though, another bench on the same court ruled that stalling the deal wasn't necessary after Future Group appealed. The judge has yet to pronounce the final order but for the time being Future Retail and Reliance Industries have the upper hand. Shares of...
    A hacker broke into a Florida town’s water supply and tried to poison it with lye, police said U.S. ambassador to Vietnam releases viral rap video for Lunar New Year Why Amazon Is Feuding With a Partner and Billionaire Mukesh Ambani (Bloomberg) -- A legal spat between Amazon.com Inc. and its Indian partner that started with an arbitration verdict in Singapore has got fiercer in New Delhi courtrooms. And neither side is ready to back off. Load Error The U.S. e-commerce giant and Mumbai-based Future Group, whose retail assets billionaire Mukesh Ambani’s Reliance Industries Ltd. agreed to buy for $3.4 billion in August, are locked in a dispute over that deal. Amazon says Future violated a partnership contract with the asset sale to its rival and wants to scuttle it, while the indebted Indian group says it would collapse if the transaction fails. The Jeff Bezos-led e-tailer accuses...
    (CNN Business)Amazon has been handed a major legal victory in its fight to block a multibillion-dollar deal between two of India's biggest retailers.A court in the country's capital, New Delhi, ruled on Tuesday that an agreement by Reliance Industries to purchase local rival Future Retail for $3.3 billion should be put on hold after Amazon (AMZN) objected to it last year. The Delhi High Court said it was "satisfied that immediate orders are necessary to protect the rights of [Amazon]" and ordered all parties involved in the deal to "maintain status quo" pending its final judgment. "We have utmost respect for the Indian legal system and appreciate the interim order of the ... Delhi High Court," an Amazon spokesperson told CNN Business.Future Retail said in a statement that it would "explore all legal remedies and take appropriate steps to pursue" its deal with Reliance. The company could potentially challenge any...
    Kings big Marvin Bagley III gets ejected for hopping (video) 35 Unforgettable Royal Wedding Scandals, Shockers, and Bizarre Moments Reliance’s $3.4 Billion Deal With Future Group Temporarily Halted (Bloomberg) -- An Indian court has temporarily restrained Future Group from selling its retail assets to Reliance Industries Ltd., an interim win for Amazon.com Inc. which is opposing the deal with an eye to dominate a large and vital consumer market. © Bloomberg An employee operates a forklift at a warehouse operated by Future Supply Chain Solutions Ltd. near the Multi-modal Cargo International Hub Airport at Nagpur (MIHAN) in Nagpur, India, on Saturday, April 29, 2017. India is on the cusp of a sweeping tax overhaul that could turn Nagpur, at the crossroads of busy road and rail corridors that bisect India east to west and north to south, into one of the nation's biggest logistics hubs. The Delhi High Court...
    Live updates: U.S. reports highest daily death toll in more than six months Japan protests Chinas island incursions during FM visit ‘Big Brother’ Amazon Targeted in Fight With Ambani Over Retailer (Bloomberg) -- A battle between Amazon.com Inc. and Reliance Industries Ltd. to dominate India’s $1 trillion consumer market is stoking nationalist rhetoric in a courtroom and outside, as the two companies tussle over the future of a distressed local retailer. © Bloomberg The Amazon.com Inc. shopping cart icon is displayed on a wall at the company's office campus in Hyderabad, India, on Friday, Sept. 6, 2019. Amazon's only company-owned campus outside the U.S. opened at the end of August on the other side of the globe, thousands of miles from their Seattle headquarters. The 15-storey building towers over the landscape in Hyderabad's technology and financial district, signaling the giant online retailer's ambitions to expand in one of the...
    NEW DELHI (Reuters) - India's Future Retail Ltd (FRL) said on Sunday that a Singapore arbitrator's order in its dispute with Amazon.com Inc is not enforceable under Indian law and not binding on the company. Amazon on Oct. 25 won an injunction from the arbitrator to halt FRL's deal to sell its retail assets to Reliance Industries for $3.4 billion, arguing the Indian retail group had violated certain pre-existing agreements it had with the U.S. e-commerce giant. Both FRL and billionaire Mukesh Ambani's Reliance said in news releases later they wanted to press on with the deal without delays, setting the stage for a showdown between the Indian companies and Jeff Bezos-led Amazon. Calling the proceedings before the so-called "emergency arbitrator" void, FRL told Indian exchanges that any attempt on the part of Amazon to enforce the order will be resisted. "FRL is also in the process of taking appropriate...
    By Abhirup Roy and Aditya Kalra MUMBAI/NEW DELHI(Reuters) - India's Bombay Stock Exchange (BSE) will consult the market regulator and seek clarifications from Future Retail and Reliance Industries about their $3.4 billion transaction, following Amazon's objection to the deal, an exchange source said. Amazon on Oct. 25 won an injunction from a Singapore arbitrator to halt Future's deal to sell retail assets to Reliance, arguing the Indian retailer group breached certain contract provisions it entered into last year in a separate deal with the U.S. firm. Both Indian firms reacted to the decision by saying they want to complete the deal "without any delay". Amazon has now written to capital markets regulator SEBI, as well as the BSE and the National Stock Exchange, to put the deal on hold in light of the arbitration order, two separate sources said. A BSE source said it will consult SEBI about...
    Hong Kong (CNN Business)Two of the world's richest men are duking it out over a brick-and-mortar retail chain on the verge of default. But when it comes to the fight for India's growing e-commerce market, every battle counts. Amazon (AMZN), the Seattle-based e-commerce firm owned by Jeff Bezos, is fighting a $3.3 billion deal struck between Mukesh Ambani's Reliance Industries and the Indian retail conglomerate Future Group. What's at stake is strategic access to a network of popular grocery stores and retail shops in India — something both Amazon and Reliance want to either have for themselves, or to prevent the other from acquiring. "If someone backs down, it will give the impression that one has lost and the other has won, when the fight has just started," said Counterpoint Research analyst Tarun Pathak. Amazons India business is getting an offline boostAmazon has 31.2% market share in India's e-commerce industry,...
    Hurricane Delta heads into Gulf on path for U.S. after hitting Mexico Smaller hams, downsized desserts: Sams Club adds petite packs as Americans plan smaller holiday gatherings during pandemic Amazon Says Indian Partner Broke Pact After Ambani Sale Deal (Bloomberg) -- Amazon.com Inc. said its Indian partner Future Group violated a contract by entering into a $3.4 billion sale agreement with billionaire Mukesh Ambani’s Reliance Industries Ltd., a spat that could derail the country’s biggest retail deal. © Bloomberg The Amazon.com Inc. shopping cart icon is displayed on a wall at the company's office campus in Hyderabad, India, on Friday, Sept. 6, 2019. Amazon's only company-owned campus outside the U.S. opened at the end of August on the other side of the globe, thousands of miles from their Seattle headquarters. The 15-storey building towers over the landscape in Hyderabad's technology and financial district, signaling the giant online retailer's ambitions...
    (Reuters) - Amazon.com Inc has sent a legal notice to a promoter of India's Future Group over the retailer's deal with Reliance Industries , ET Now reported on Wednesday, citing sources. In August, Mukesh Ambani-led Reliance said it would acquire the retail and wholesale business as well as the logistics and warehousing business of Future in a deal valued at $3.38 billion, including debt. Amazon's investment in Future Group came with contractual rights, which includes a right of first refusal and a non-compete-like pact, a source told https://www.timesnownews.com/business-economy/companies/article/exclusive-amazon-sends-legal-notice-to-future-group-over-ril-deal/663797 ET Now, adding that this was the main reason why the legal notice was sent to Future Coupons. Amazon, in its legal notice, cited a contract arrangement that included "a restricted list" of companies Future was not supposed to enter deals with, according to the report. Amazon did not immediately respond to a Reuters request for comment. Amazon last year acquired...
    Facts First: Gov. Cuomo falsely claims New York nursing homes never needed to take in Covid-positive patients Houston Chef Chris Shepherds Southern Smoke Has Raised $3,361,772 for Restaurant Workers in Need Right Now Reliance Jio Fiber Trust to Raise $5.4 Billion From Group Firms (Bloomberg) -- A trust that holds Indian billionaire Mukesh Ambani’s fiber-optic assets is raising 397.1 billion rupees ($5.4 billion) through borrowings and stake sales to units and investment firms of the tycoon’s conglomerate Reliance Industries Ltd., according to a filing. © Bloomberg A pedestrian crosses a road as an advertisement for Jio Platforms Ltd., the mobile network of Reliance Industries Ltd., is displayed at Marine Drive in Mumbai, India, on Tuesday, July 14, 2020. Google is in advanced talks to buy a $4 billion stake in Jio, the digital arm of Indian billionaire Mukesh Ambani's conglomerate, people familiar with the matter said, seeking to join...
    PARIS (Reuters) - Orange , France's number one telecoms operator, expects to reduce its reliance on Huawei mobile equipment in Europe in the medium term, Chief Executive Officer Stéphane Richard said on Thursday. The group doesn't use mobile equipment made by the Chinese firm in France, in contrast with Spain and Poland, its two biggest markets on the continent after its home country. "In Europe there are countries where we use Huawei, but the medium term trend is to reduce the proportion of parts of Huawei in our network equipment," Richard said in a call with analysts. "In Africa (where the group also has operations), the question is much less sensitive and relevant than in Europe," he added. (Reporting by Mathieu Rosemain; Editing by Geert De Clercq) Copyright 2020 Thomson Reuters.
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