is onto flipkart -- flipkart becoming the big kahuna of india, taking on amazon.ld just split india with amazon, i think they will end up doing pretty well over there. it's about the next great market to be in. the interesting thing about walmart is it's a global retailer. its are treating some markets. its expanding in india. they have little over a dozen. they will be really well-positioned in india where e-commerce will take the lion's share of market share going forward for retail sales. sense tox: do you have a model this acquisitions with the sales they will have to make up? do you have an idea of how that balances out? andrew: the best you can do with public information honestly, especially for a deal like flipkart, is look at amazon and see how long it took them to scale. if you can get to topline and make a some since about where they are at on scale and the margins are the same, you can kind of figure out when they can hit breakeven to some extent. alix: are they going to have to make other ventures in india or is flipkart enough? there other competitors

it is buying a 77% stake of indian firm flipkart. their breath and operating structures, but what will it mean for india's e—commerce sector. flipkart has the largest market share of all online retailers in. it has attracted high—profile investors in the past. but it has been struggling with losses. they tie up with walmart will allow the firm access to more funds and will allow it to expand into areas like groceries, which is set to be the next big battleground for online in india. for walmart it isa for online in india. for walmart it is a route into this country. it has been trying to expand into india for yea rs been trying to expand into india for years but has come up against government rules on foreign ownership in brick and mortar retail. with india's e—commerce market projected to grow by nearly one third, $250 billion this year, there is a lot of potential. another american company, amazon, is the second largest e—commerce player in india. with the deal this country now becomes the new battleground for the amazon versus wal

they are buying into that area of flipkart teed up. -- flipkart too. matthew: when you talk about what it is about flipkart that really impresses you, it is this mobile payment app that flipkart has. they have a couple of fashion sites as well that do particularly well. walmart is getting into fashion in a deeper way. they are doing a deal with lord and taylor. for walmart, that really excites them. it's not just an e-commerce startup. there are elements and assets within flipkart that walmart things they could learn from and maybe even incorporate into their other international operations or even the u.s. says -- no onee will be better positioned in asia, says the ceo of walmart. thank you very much. meanwhile, one of the biggest startups on the planet has big plans. uber is holding its annual summit in los angeles, highlighting its plans to partner with flying cars. eric joins us with uber's chief product officer, jeff holden. eric: we are here at this amazing flying cars -- the phrase i'm going to use -- conference. do we have a flying car right now

the business standard now, walmart bags flipkart for $16 billion.the ceo of walmart shaking hands with the ceo and the co—founder of flipkart. you understand why walmart and amazon want a bit of this economy. this is huge. it is potentially huge but it isn't an easy economy. the interesting thing is the share price of walmart did not react well. at the same time that walmart went and bought masayoshi sun and sold this stake and masayoshi sun is also an anchor in alibaba, where e—commerce seems to go easier. india isn't an easy place to do business. india is getting better but it isn't there yet. narendra muggy is trying to roll out the red carpet, he once be direct foreign investment and walmart has its stake in the ground —— money. walmart has its stake in the ground -- money. he needs to address issues in respect to the ease of doing business. let's talk about this story in the sun, a very emotional interview with scott mitchell, dedicated husband of dame barbara windsor. here in the uk she is a much loved actress, she is a national treasure. i kn

, i wonder if that helps flipkart's profile, especially if flipkart is trying to expand out of india >> that's a good point, too. ebay has been an investor in flipka flipkart they said they will now get out of it. they'll sell their stake but make some money on that stake, reopen ebay india. i'm sure they learned a lot being there with the dominant player in flipkart i think all of these names definitely add weight behind this we know how powerful amazon is if you can grab a share here and there, whether it's helping to sell android phones or your cloud, do it >> we've spoken about the blurred lines between technology and media. they seem to be the same thing these days is it safe to say technology and retail is moving that way? has amazon put everybody front and center with retail becoming much more technology oriented? >> i spent a lot of time talking about the way artificial intelligence is used in retail and for a long time amazon web services were involved in retailers businesses i don't know that they're totally separated these days, because they are a dominant player and you w

a lot of viewers don't know who flipkart is. >> flipkart is an e-commerce platform people want to compare it to amazon i think it might be more like ebay it is a platform connecting sellers and buyers they don't necessarily own the inventory they're selling. but it is the largest e-commerce platform shopping network in india. it's been there for about 11 years. these guys have been looking to partner up and do things in a bigger way, more efficient way than they've been able to do amazon does exist in india they started their prime program in 2016. they said india was the fastest adoption of prime of any country so far walmart came in and is taking a $16 billion stake which equates to about 77% so they're the majority owner of flipkart now they say they may take on investors, but they will stay the majority owner >> is this walmart punching amazon in the face, jan? >> absolutely. they could not let amazon buy this amazon would own india flipkart is not just a platform, it's a payment system. >> like paypal >> like ali pay. >> a lot like alibaba. >> they could not let alibaba and amazon ow

walmart shares slumped lower after buying flipkart. some analysts think the price is too high, and describe the short-term dilution of -- as brutal. vision fund is a part investor. new zealand's a central bank had held interest rates at a record low while leaving the door open to a cut is inflation remains subdued. rbnz governor cap to the initial cash rate at 1.75% and said it would remain there for some time to come. they pushed out the forecast from the second quarter of 2019 to the third. it could be up or down depending on time or events. global news 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am courtney collins, this is bloomberg. u.s. stock market close higher after support from energy and financials. let's go to remy inocencio at the wall with the big movers overnight. thank you and good morning. let's see where we landed with u.s. trading. the s&p 500, dow and nasdaq up. the s&p 500 at the highest in three weeks, the nasdaq the highest in se

i think they have been enamored by the digital pay capabilities that flipkart has. there's some ability to take that technology to other parts of the world so they see the value in it or they wouldn't have done the transaction. but i can understand how this -- the street is reacting to it >> bill, we are just looking at a graphic of big m&a at walmart and how this deal dwarfs what they've done in e-commerce in this country what does it say about u.s. e-com strategy >> well, it dwarfs every deal they've ever done as far as i can recall the biggest deal was the purchase in the uk and jet.com probably after that, at $3 billion. i think what it's saying is that they still see a clear path outside of the u.s. where amazon is less established and they're going to try to win the battle over there >> that's going to be a verdict we will have to wait for over time bill, really appreciate you helping us start the hour. we'll talk to you soon, i hope bill simon. >> thank you. >> former walmart u.s. ceo >>> and now let's bring in our guest, andy jassy who joins us here on set.

currently has -- by the 30% market share that flipkart currently has. they could be -- abigail: it could be growing per year. estimates ity could be a $200 billion market in the next decade. amazon missed china, so they are really in this to when it -- to win it. they need to prove they can bring on the e-commerce success they have in the u.s., in india. they are going to be competing against flipkart which now has capital but also the expertise of walmart and walmart and flipkart want to go up against amazon and win it as well. relative to walmart ticket current efforts, it is thought by analysts that it represents about 5% to 8% of their overall revenue. as we hop in the bloomberg and take a look at their online that they had been growing at about 60% and in the last quarter, a dip down closer to 23%. they don't reveal the numbers, so this could be something where they beef up the numbers because right now, their stake in flipkart is going to be a separate entity and that perhaps once all of their commerce numbers become large enough to be satisfactor

the makers currently running flip flipkart, they're still going to do that.zon reportedly also made an offer possibly pushing up the price that walmart ultimately paid but cfo brett biggs said the retailer paid what we thought was fair for this deal if the deal is approved and closes by the end of the second quarter, it will have a negative 25 to 30 cent earnings impact. 60 cents for the full year for walmart. so walmart's new chief international officer tells me we've been very clear that india is a growth market for us and we're going to be very thoughtful with our business there. currently, though, walmart only has 21 locations selling only to other businesses because of various indian government regulations that restrict foreign direct investment in the country. but the rules don't apply in the same way to an e-commerce like flipkart they have about 54 million active users ships more than 8 million packages a month india has 1.3 billion people, the second most populated country in the world there is a lot of potential here for walmart. they have been sayi

and its purchase of flipkart marks the biggest foreign direct investment in indian history. planning to let go of hundreds of officials who work to promote british exports. according to a report by the financial times, staff at the department for international trade have been told up to 10 percent of trade promotion jobs will be axed because of budgetary constraints. the strength of the dollar has weakened a little bits. this is all in anticipation of what the white house might say later when it doesn't make its announcement —— when it makes its announcement on whether the us will remain a part of the irra nuclear deal or whether it will withdraw. that is the focus, do a great degree, of the financial markets around the world today. i will be back in a moment. radical reforms are needed to stop young people from having a poor alike than their parents and to ensure the older generation are looked after. that is the conclusion of the special task addressing the growing financial gap between the generations. andy verity reports. afamily a family gathering in staffordshire, on t

it's one of the biggest e-commerce acquisitions in history wal-mart buys into an online retailer flipkart to gain access to the indian market. welcome to the business i want to get johns and berlin as always good to have you with us i'm starting with a question that's on many europeans minds will there be fresh elections in italy after the last vote in march ended in a hung parliament followed by two months of political deadlock or will europe's third largest economy get an empty stopper shouldn't anti euro and anti austerity government or right now the chances of a populist government running it in the are looking more and more likely a prospect that not only alarms investors but also many ordinary italians. furby archer phoneys day begins very early he sets off for two in the morning while the rest of rome sleeps. the greengrocer got used to it a long time ago what really bothers him is the state of his country. yes i'm worried because not for me but for my daughter i have a ten year old daughter it is like this now i don't see how i can get better at all made in your. face least politi

and by acquiring flipkart, walmart has a chance to become the leading e-commerce provider in india. >he u.s., amazon built out this network of distribution centers, this logistics operation that hadn't been in place before that enabled them to have strategic advantage over other e-commerce competitors. is there going to be an equivalent in india the next five, ten years that they're going to need to build out, say, with amazon and walmart with flipkart, what infrastructure needs to be built out strategically to win >> yeah, there already is. and it's going to get even better in india. but what amazon has done, and flipkart as well, they've made distribution and supply chain work for indian conditions in rural areas you have people delivering products on bicycles, right? so -- and then you have all these kiosks in villages where you can place an order and it gets delivered there and you can go and pick it up. so both of them are taking models in the u.s. and making it work for the indian market. >> ravi, as the co-founder of passage ai, given the fact that there's a meeting between com

thinking about walmart and what gets by acquiring flipkart.ontrol of this ten, ii—year—old e—commerce company. what is walmart get by this foothold?m helps walmart to tap into the market in india and that has previously been quite difficult, particularly because of restrictions from the indian government. those restrictions have been eased recently, making it easierfor foreign players to come in. also, walmart has tried to get into the off—line market in india some years ago and that has not proven successful because of the very special conditions in india, dominated by small businesses in india. e—commerce is a good beginning for walmart to tap into india. signify to you that we could see consolidation, that the small shops could be gobbled up by big players? that is likely the trend but not something that will happen soon. it is a long—term trend. as the economy grows and the living standard rose and urbanisation grows and this pushes that trend for consolidation in retail. chinese technology form says it has halted major operations after be

very much for your time. stories making the news. its roughly 20% stake in indian e—commerce firm flipkart 77% stake in flipkart. worth around $4 billion. civil rights groups. authoritarian surveillance". were blocked because of how they could be used by others. filed complaints of sexual harassment against the firm. allege groping, propositions, indecent exposure and lewd comments. and that its franchises should do the same. on chinese technology firm zte and levy a $1. billion fine instead. where the company has raised alarms related to national security. for the closure of a copper smelter run by vedanta resources. of pollution and risk to fisheries. sameer hashmi has been following the story in mumbai. why are the people in the area protesting against the plant? a copper smelter in the area for the last two decades. last two decades. is quite prominent in the area in the last few years. the last few years. protesting for the last three months. months. they want the plant to be shut down. shut down. doubled the capacity of the existing plant. plant. protests which led to clashes between

a lot of reports saying flipkart is in high demand by amazon and walmart.ts seem to suggest that the regulation hurdles would be lower for walmart. it is a big deal if it goes through. even if it's a majority stake, it's three, four times the size of jet why could india be important if you're a walmart investor, why do you need to watch this closely? >> it's a massive market it's the next big frontier for retailers. now that the market has opened up, and it's easier for foreign companies to come in and form relationships, it's important that big retailers get this right and team up with correct partners it sounds like amazon is increasingly going to go it air lone alone in india if walmart can form this relationship with flipkart, that's a huge win for them globally and time to cut with places like the uk, which is 4% of their opportunity and focus on india >> they have struggled to make a foot hold there because of the foreign direct investment restrictions in the past thank you very much, stacey widlitz. >> thanks. >>> courtney, some other stocks to watch

walmart had interesting acquisition with flipkart where amazon is, but aren't dominating and flipkart is a sub of walmart that is the expanse here, the fact that walmart is trying other markets alongside what they have going in the u.s. i think helps the stock. a little caveat, when the market reacted poorly to the flipkart deal we started picking at walmart to buy into our company and our shares because we liked the reaction. we thought it was overreaction. we do own amazon because of the dominance you talked about. melissa: i think i win because i'm the consumer. these two are beating it out. david: there you go. melissa: prices are getting better, they're trying to kill each other. i'm getting my goodies. david: competition is a good thing. trade talks continue between chinese and u.s. officials in d.c. today. now the president who is about to join in the talks casting doubt on successful outcome. edward lawrence is live at the treasury department. edward, what can you tell us? >> right now actually the delegation, the chinese delegation getting ready to go to the white house to ha

this after announcing the $16 billion deal for a majority stake in flipkart.ar to date is it a buy now? joining us are our "fast money" traders pete najarian and tim seymour. >> i feel like they have to do it because for whatever reason walmart more than any other retailer out there really has to always feel like they're chasing amazon and they're trying to chase wherever amazon is and they're trying to beat them at their own game is this is a great acquisition i think it's a good acquisition. it's a lot of money. i think this is going to take a lot of time to digest going forward. i don't know necessarily that you have to feel like, you know what now is thetime to buy walmart. at least not now >> kelly, this is -- their track record on international, not so good we all get how india, their e-commerce market is 20 billion, u.s. is 450 billion. we get the potential there this is a diluted deal i'd rather see walmart get further into health care and financial services g >> you want to make walmart america great again. you're not interested in overseas expansion

but the restrictions don't apply to an e-commerce marketplace like flipkart.s 11 years old. 54 million active users as of last year. 100,000 sellers. ships more than 8 million packages a month walmart is capturing a large portion of the e-commerce growth in india amazon prime is also a player. india is the second most populated country in the world 1.3 billion people a growing middle class that's increasingly mobile. so it's understandable what the opportunity could potentially be walmart doesn't want to miss out on that. >> potentially more valuable is that amazon also wanted this just curious about the stock price. i mentioned at the top, down almost 4%. down worse a little earlier. walmart is a real under performer and the dow down 16.5%. big winner last year is the tide turning when it comes to the narrative on walmart getting grease identify e-commerce wondering what you're hearing. >> we saw that big leg down earlier in the year when walmart came out with fourth quarter e-commerce growth rate that had decelerate from the growth rates we saw before. walma

retail giant announced a deal to take control of flipkart.id gives walmart a 77% stake in the business and gives flipkart share holders softbank a 60% return on its initial inve investment it's an important play for walmart as they compete with amazon in the online retail space. >>> the players championship begins today at tpc saw grass in florida. phil mickelson, rory mcilroy and tiger woods are among the top con ternsd vtenders vying for v. i'm joined by adam reid around the table here it seems like tiger is back in the thick of things >> absolutely. there's always a buzz when tiger woods is playing golf. he hasn't been doing that a lot in the past few years. he's had a couple of good results before an uninspiring stint at the masters but he is here this field is incredible it's not a major tournament but it's treated like one. all 53 of the top 5 p playe3 plr playing in this, and tiger woods is paired up with phil mickelson. these guys have been going at each other for 20 years in tournaments like this. the fact they're playing together af

last month it was said walmart would likely buy a stake in flipkart by the end of june.mazon has done a good job in india because of the foreign direct investment rules, they don't apply as strictly for online marketplace, which amazon runs but it does for walmart. so walmart only runs these 21 wholesale stores in india and has had a hard time sort of making inroads there, even though they point to it along with china as a growth market. >> a huge story. very big players to watch there. >>> we're just getting started on "worldwide exchange." on deck, today's mystery chart this is the world's second best performing stock market this year you'll hear exclusively from the head of that country's exchange, that's straight ahead. >>> and a travel alert to all of you frequent fliers and your furry friends. united made a change to its pet policy the full details when "worldwide exchange" returns. we use our phones and computers the same way these days. so why do we pay to have a phone connected when we're already paying for internet? shouldn't it all just be one thing? that's wh

a reuters source says flipkart will announce the deal in a town hall from employees on friday. >> deal frenzy this morning. >> get involved in the conversation if you information on deals, feel free to reach out to us on twitte twitter, @streetsignscnbc. >>> coming up, nuclear countdown. president trump will later today announce his decision on whether he will walk away from the iran nuclear deal more when we come backmer is c audible lets you follow plot twists off the beaten track. or discover magic when you hit the open road. with the free audible app, your stories go wherever you do. and for just $14.95 a month you get a credit, good for any audiobook. if you don't like it exchange it any time. no questions asked. you can also roll your credits to the next month if you don't use them. so take audible with you this summer... on the road... on the trail... or to the beach. start a 30-day trial and your first audiobook is free. cancel anytime, and your books are yours to keep forever. no matter where you go this summer make it better with audible. text summer4 to 500500 to start liste

for many people here, flipkart has been the home—grown brand that they are proud of. that was started and a small flatjust over a decade ago is set to become american owned. but in doing so, it still made history as one part of the largest e—commerce deals in the world. coming up in the next half hour of outside source, we will be covering roman polanski. last week, the film director was expelled from the oscars academy. now he is threatening to sue them for doing so. we'll bring you the details right here on outside source. if you want to get in touch, the hash tag is bbc os. to get in touch, the hash tag is bbc 05. we will see you soon. we have seen some severe thunderstorms across —— north wood midwest in the united states in the last 2a hours. you can see showing up last 2a hours. you can see showing up here this explosive cloud development, causing some flash flooding in places. they are associated with an area of low pressure bringing further wet weather to the midwest and slowly moving eastward into the great la kes. moving eastward into the great lakes. travel

flipkart has 100 million users amazon wanted to be here why is this not a tremendous opportunity?basically they have a 25 cent loss on a quarterly basis this company is going to turn it around listen, okay, it's just not logical. 77% of the company, the largest acquisition they did, and the stock is down. makes no sense to me like thinking the red sox are going to come to town and they're going to hold serve on the yankees and still be in first place. >> they are. >> tushea. >> nice. >> electronic arts -- boston girl doesn't miss a chance. doesn't miss a chance. he had no comeback >> silence >> electronic arts all-time high they beat on the top and bottom line, announced a $2.4 billion buyback. you own it >> yeah, big up today. it just shows the strength of this whole marketplace video games and fortnite fantastic company. we don't have fortnite in electronic arts, but they have a lot of other games and it's going to lift the whole sector lots of free cash flow, and continue to like it here >> best day since 2015, doc, for trip >> yeah. great earnings report. stock enhances its ov

market share in india last week we reported on wal-mart's plan to acquire india's top online retailer flipkartputting the arkansas based real taylor in a position to challenge amazon and that emerging market now the wall street journal reports that the flip side of wal-mart's play for india is a move to divest itself of hundreds of stores in brazil and the u.k. walmart reported plans to sell about jordi stake in its united kingdom's base grocery store chain as the to competitor j. sainsbury while keeping a forty percent stake as well as selling a controlling stake in its brazilian business advent it to advent international wal-mart currently operates six.

wal-mart recently purchased eight hundred seventy eighty seven rather percent of the indian company flipkart which is india's largest e-commerce company and at the end of april wal-mart merged with u.k. based asda grocer with their or larger rival j. sansbury while warmer currently operates in twenty eight countries around the world more appear to be on the way as their strategy shifts to owning or at least partial ownership of additional global retail companies. and now we move to talk about the farm bill a huge eight hundred fifty six billion dollars piece of legislation the numbers matter here and while we don't talk about every bill time a bill passes the house or senate this one is different not only because it's huge and taxpayers foot the bill but because the farm bill impacts so very many people and a lot of people that you may be unaware about here discuss a fred kaufman author of bet the farm fred thanks as always for being with us this is the huge money program and it's paid for by taxpayers but what does the farm bill actually do why is it important. the farm bill has been a sign

market share in india last week we reported on wal-mart's plan to acquire india's top online retailer flipkart putting the arkansas based real taylor in a position to challenge amazon in that emerging market now the wall street journal reports that the flip side of wal-mart's play for india is a move to divest itself of hundreds of stores in brazil and the u.k. wal-mart reported plans to sell about jordi stake in its united kingdom's based grocery store chain as the to competitor j. sainsbury while keeping a forty percent stake as well as selling a controlling stake in its brazilian business advent it to advent international wal-mart currently operates six hundred as the stores in the u.k. and four hundred sixty five wal-mart's in brazil. wage and salary news alphabet incorporated owner of google has announced the median pay for its workers the point where the wages of half the employees fall below while half half of the others make more it's reach one hundred ninety seven thousand dollars those figures make alphabet the four highest paying company out of three hundred ninety seven of the s. a

shopping for wal—mart, as it makes a $16 billion push into india, buying control of online retailer flipkartinners thanks to president trump abandoning the iran nuclear deal.

wal-mart recently purchased eight hundred seventy eighty seven rather percent of the indian company flipkart which is india's largest e-commerce company and at the end of april wal-mart merged with u.k. based asda grocer with their are larger rival j. sansbury while warmer currently. operates in twenty eight countries around the world more appear to be on the way as their strategy shifts to owning or at least partial ownership of additional global retail companies. and now we move to talk about the farm bill a huge eight hundred fifty six billion dollars piece of legislation the numbers matter here and while we don't talk about every bill time a bill passes the house or senate this one is different not only because it's huge and taxpayers foot the bill but because the farm bill impacts so very many people and a lot of people that you may be unaware about here discuss a fred kaufman author of bet the farm fred thanks as always for being with us this is the huge money program and it's paid for by taxpayers but what does the farm bill actually do why is it important. the farm bill has been a si

the retail giant agrees to buy a 77% stake in flipkart, in an effort to ward off amazon.ill shake up the broadband market in europe. and uber critics. customers will hail flying taxis sooner than you think.

the indian market estimated to grow to two hundred billion dollars within ten years and it gives flipkart muscle in its fight for market share against you as rival amazon both retailers aiming at the country's increasingly affluent to consumers and more and more multinational companies are actually entering the booming indian retail market japanese fashion brand nick lowe said it will open its first store in delhi by the middle of next year the companies taking advantage of a recent change to india's foreign investment rules they are now allowed to establish a fully owned subsidiary rather than a joint venture with a local partner swedish furniture giant ikea will also open its first indian store later this year consultancy p.w. c. says the changes mean india's retail market could grow to be worth a trillion dollars annually by twenty twenty. a countdown is on for britain's royal wedding and people are flocking to windsor to get a look at the high. couple lego bricks that is prince harry and making marco along with the royal family the new stars of the lego land theme park not far from wh

walmart bought 77% of flip card -- flipkart.e about $10 billion after trimming its $32 million state in tencent. vodafone has made it clear it will clear its -- vodafone has made it clear it would challenge deutsche come on its home turf -- deutschecom on its home turf. the deal rattled europe's markets. thedeutsche ceo saying that agreement will distort competition. this is bloomberg. ♪ julia: this is "bloomberg markets." i'm julia chatterley. scarlet: i'm scarlet fu. time for options insights. julie: joining me is alon rosin of oppenheimer. as we walked -- watched the action today, one thing some traders are pointing to as a trigger for stocks to move higher is the vix breaking a little lower. is that what you saw as a potential trigger? alon: what we are seeing now in some of this unexpected strength breaking out of the recent ranges, if you look back at the last week, there was a lot of selling pressure. what we think happened was a lot of hedge funds, and were grossing down the exposures in their books, taking in shorts, ta

flipkart is a major player. it is positioning itself in populousmber two most economy. long that will because india is still needing a lot of time to grow. david: we cannot talk about tomart without comparing it amazon. what is the latest metrics we are using to compare them? ramy: we can look at the bloomberg terminal for this. when we look at the curbs, we can see in the blue line in your library, amazon really does blow walmart out of the water. is flipped for both ofpanies but the efficiency and -- amazon is higher. i want to put this into perspective with regards to a couple other indices. you can see in blue, amazon does blow everything out of the water. the white line is the u.s. retail index. the purple near the bottom is walmart. guess what? least of all is the s&p 500. if you were with walmart -- with amazon, you would be quite happy. if you were in walmart, i would suppose you were still pretty happy. ramy, thank you so much. we will talk about the latest inflation data in japan. this is bloomberg. ♪ betty: this is "daybreak asia." i am betty liu in new york.

are expected to announce they'll buy a combined 75% stake in india's biggest e—commerce company flipkarte biggest foreign direct investment in indian history. china's exports rose nearly 13% in april, while imports grew by over 2i%. the numbers suggest the world's second biggest economy remains relatively resilient despite a on—going trade dispute with the united states. as ever, we turn to the business live page, the bbc website whether live page is constantly updating with the latest information. there is some detail on the shire takeda deal, takeda finally putting in a bedford shire pharmaceuticals. it appears to be the cash carrot that shire has bitten, it has been a while in the making. it is talking about asda and sainsbury‘s, the tie—up between the two. walmart doing a deal with sainsbury is, it was announced this time last week. the competition and markets authority could scrutinise the proposed merger. speaking to the today programme on radio 4 about some of the regulatory hurdles that could be a problem for that. japanese pharmaceutical firm ta keda has reached a $62 billion ta

market share in india last week we reported on wal-mart's plan to acquire india's top online retailer flipkart putting the arkansas based real tailor in a position to challenge amazon in that emerging market now the wall street journal reports that the flip side of wal-mart's play for india is a move to divest itself of hundreds of stores in brazil and the u.k. wal-mart reported plans to sell about jordi stake in its united kingdom's base grocery store chain as the to competitor j. sainsbury while keeping a forty percent stake as well as selling a controlling stake in its brazilian business advent it to advent international wal-mart currently operates six hundred s. to stores in the u.k. and four hundred sixty five wal-mart's in brazil. wage and salary news alphabet incorporated owner of google has announced the median pay for its workers the point where the wages of half the employees fall below while half half of the others make more it's reach one hundred ninety seven thousand dollars those figures make alfabet the fourth highest paying company out of three hundred ninety seven of the s. an

wal-mart recently purchased eight hundred seventy eighty seven rather percent of the indian company flipkart which is india's largest e-commerce company and at the end of april wal-mart merged with u.k. based asda grocer with their or larger rival j. sansbury while warmer currently operates in twenty eight countries around the world more appear to be on the way as their strategy shifts to owning or at least partial ownership of additional global retail companies. and now we move to talk about the farm bill a huge eight hundred fifty six billion dollars piece of legislation the numbers matter here while we don't talk about every bill time a bill passes the house or senate this one is different not only because it's huge and taxpayers foot the bill but because the farm bill impacts so very many people and a lot of people that you may be unaware about here discuss a fred kaufman author of bet the farm fred thanks as always for being with us this is the huge money program and it's paid for by taxpayers but what does the farm bill actually do why is it important. the farm bill has been a signatur

walmart has agreed to pay $16 billion for a 77% stake in india's biggest online retailer, flipkart.is the biggest deal ever as it looks to fend off amazon in the world's second-most populous nation. >> this deal is about getting ahead in an e-commerce market that is exploding. india has the second largest population of internet users in the world. walmart needs to get ahead in this market as it battles amazon pretty much around the world. it was slow to get into china, and it does not want to make that same mistake again. it was willing to spend this much money on a business that is really not profitable yet. >> australia has laid out its budget with a deficit forecast of $10.8 billion. the government is wooing voters with process of test cards and also the first since the global financial crisis. here is what scott marston had to say. >> there was a further market to expand and grow, and that is boosting revenues over the medium-term and the shorter term. >> are the numbers sustainable going forward? >> we believe they are. our economic growth forecast are more conservative than th

flipkart sales $5 billion and loses $1.5 billion and they sold azeda that made about $1.5 billion so all in on digital and moving in that direction and it's very expensive. you know, that one move right there will cost them about another $2.5 billion in operating income for the year. but they're committed and moving in that direction. >> you sound a little skeptical. you think that's the right move? >> i'm not skeptical you know, they've declared their intention and they're moving that way i'd like to know where it ends i'd ask amazon the same question what does this look like when the transformation is over you know, in 2015, walmart delivered $29 billion in operating income in this past. the moves they recently made will cost them another $2.5 billion. what does this look like from an investor's perspective this would be a good week to outline that >> it's a bit of a catch 22 for any traditional company trying to keep up with an e-commerce company because they have to basically change the wheels, drop the engine, and do all of this while they continue to operate on the fly amazon h

the flipkart deal is evidence of that. into a market where amazon is already doing well. to turn that around in another market while they still have problems at home, they have a lot of work to do in the u.s. >> announcing a partnership with the british online grocery. kroger will take a stake. this deal, will it give kroger much scale when it comes to delivery as amazon? >> what this deal should do is give kroger that competitive scale. it is not just about where they can reach customers, it is about how quickly they can and how efficiently they can seal orders and get them to people. >> the dutch banking group reporting first quarter income of 5 million euros, beating analyst estimates. what are the factors that you are weighing up in deciding and getting closer to decisions on whether to increase dividends? >> we gave an update on capital in february and what we said was we would pay out 50% of our profits and dividends which we declared for the last year. but that we would also consider additional distributions. if we

separately, the ceo of soft dank has confirmed walmart will purchase a majority stake in indian company flipkart> let's look at u.s. futures all three major indices looking to open positively that's it for today's show i'm willem marx. >> i'm joumanna bercetche. "worldwide exchange" is coming up next. mr. elliot, what's your wifi password? wifi? wifi's ordinary. basic. do i look basic? nope! which is why i have xfinity xfi. it's super fast and you can control every device in the house. [ child offscreen ] hey! let's basement. and thanks to these xfi pods, the signal reaches down here, too. so sophie, i have an xfi password, and it's "daditude". simple. easy. awesome. xfinity. the future of awesome. >>> it is 5:00 a.m., here are your top five at 5:00. global reaction pouring in after president trump pulls america out of the iran nuclear deal. >>> disney reporting strong quarterly earnings thanks to the huge success of "black panther." >>> vodafone is buying parts of liberty global for $23 billion. >>> facebook announcing its biggest executive shakeup ever. >>> and maerns pitriners pitches paxton

historical trends at least recently thank you for joining us today >> thank you >>> in corporate news, flipkart'soard has reportedly agreed to sell a stake to walmart for $15 billion. as part of the deal softbank will sell 20% of its stake in india's largest e-commerce firm. the deal is expected to close in the next ten days. if this is true, this will be a very big deal for walmart. if it's 15 billion, that's five times of what they paid for jet.com. >> talking about the whole battle with amazon and who would get this at least it looks like walmart wins out on that one. >>> xerox says its current board and management team including ceo jeff jacobson they're staying put. earlier this week xerox struck a deal to have jacobson ousted as part of that agreement, icahn and deeson would end litigation and as of midnight that agreement had expired, meaning the ceo stays. shares of xerox are moving higher in pretrade. >>> nike's ceo mark parker is reportedly saying sorry. con tetessa has the details. >> nike has had these big changes in the last few weeks, perhaps an effort to overhauling corporate cultu