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Amazon to close its online biz in China: Report
Posted on 23rd April 2019
Retail giant Amazon will withdraw its domestic e-commerce marketplace business in China, effective from July 18, but will keep operating its other business sections, including Amazon Web Services, Kindle e-books and cross-border operations.

Facing stiff competition from local online marketplace operators, including Alibaba, JD.com as well as the fast-growing Pinduoduo, Amazon's exit from e-commerce business would be the end of the company's 15 years of journey into the China market.

"We are notifying sellers that we will no longer operate a marketplace on Amazon.cn (the Chinese-language site) and we will no longer be providing seller services on Amazon.cn effective July 18," the company was quoted as saying by the Financial Times late on Monday.

Agency data suggested that Alibaba owns 58.2 per cent of China's e-commerce market in terms of sales, followed by JD.com's 16.3 per cent and Pinduoduo's 5.2 per cent, said a Sina report in July 2018, according to the ZDNet.

Meanwhile, Amazon shoppers in China will no longer be able to buy goods from third-party merchants in the country, but they still will be able to order from the US, Britain, Germany and Japan via the retail giant's global store.

Related Companies: Amazon India   

Other Latest News
EC rejects Opposition's demands concerning EVMs
Posted on 22nd May 2019
New Delhi: The Election Commission of India (EC) has rejected the demands of the opposition regarding Voter Verifiable Paper Audit Trail (VVPAT) on Wednesday.

The issue to change the protocol for counting was discussed by the Chief Election Commissioner Sunil Arora at his meeting with election commissioners Ashok Lavasa and Sushil Chandra.


Big PSU bank merger on cards if Modi wins 2019 election; PNB may merge these banks with itself
Posted on 22nd May 2019
The government is planning to merge state-run Punjab National Bank with two other PSU banks — Oriental Bank of Commerce, Andhra Bank and Allahabad Bank after the new administration is in place following the 2019 Lok Sabha elections, Reuters reported citing unidentified sources. This is in a bid to keep 5-6 larger banks in the country, which the ruling Narendra Modi-government has been advocating for some time.

YES Bank begins provisioning for exposure to ADAG, Essel group firms
Posted on 22nd May 2019
YES Bank, which has exposures to Anil Ambani's Reliance group and Essel group companies, has started making provisions for loans given to both entities. The provisioning began after rating agencies downgraded debt instruments of both groups.

YES Bank has an exposure of Rs 13,000 crore to Reliance group entities and another Rs 3,300 crore to Essel group companies, according to analysts.


Reliance tops IOC in sales
Posted on 22nd May 2019
Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue.

In 2018-19, Reliance has reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies.


Sensex rises over 150 points; Nifty tests 11,700
Posted on 22nd May 2019
The benchmark BSE Sensex jumped over 150 points in early trade on Wednesday, led by gains in oil and gas, banking and IT stocks, ahead of the general election results.

The 30-share index was trading 157.51 points, or 0.40%, higher at 39,127.31. In similar movement, the broader NSE Nifty rose 30.90 points, or 0.26%, to 11,740. In the previous session, the Sensex ended 382.87 points, or 0.97%, lower at 38,969.80, and the Nifty plunged 119.15 points, or 1.01%, to 11,709.10.


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