Connect with us

Business

India Lines up Banks for E-commerce Effort to Take on Amazon, Walmart

Avatar

Published

on

(C) Reuters. FILE PHOTO: Workers at Flipkart, a leading e-commerce firm in India, sort packets on a conveyor belt inside its fulfilment centre on the outskirts of Bengaluru, India, September 23, 2021. REUTERS/Samuel Rajkumar

By Munsif Vengattil and Nupur Anand

NEW DELHI (Reuters) -India’s effort to break Amazon (NASDAQ:AMZN) Inc and Walmart (NYSE:WMT) Inc’s dominance of its e-commerce sector, by establishing its own open network, has begun lining up banks and other key players needed to move it forward, sources familiar with the matter said.

Some of India’s biggest banks are in discussions about setting up “buyer platforms” to let their customers place orders for goods and services over the Open Network for Digital Commerce (ONDC), which the Indian government soft-launched in April, the sources told Reuters.

The success of the network, which would promise equal access to all online sellers and buyers regardless of their size, is a priority for Prime Minister Narendra Modi, who faces pressure from small businesses to act against the outsized influence of Amazon and Walmart’s Flipkart in India’s e-commerce.

Policymakers in other countries as well are looking at ways to rein in big tech companies’ dominance of online purchases.

“If you look at the seller side, anybody who can make their digital catalog visible using this common language will have access to a large pool of buyers shared across apps,” ONDC Chief Executive T. Koshy said about the network. “It is no longer controlled by one large corporation.”

Koshy said he had held talks with banks, venture capitalists and telecoms companies, but declined to name them or to comment on how far the discussions had progressed.

Indian e-commerce was worth more than $55 billion in gross merchandise value in 2021 and will grow to $350 billion by the end of this decade, according to government estimates. Amazon and Flipkart control more than 60% of that market, which now accounts for about 8% of consumer purchases in a country of 1.35 billion people.

ONDC aims to cover at least 100 cities and towns by August, with a target of signing up 900 million buyers and 1.2 million sellers in five years.

Bank of Baroda’s chief digital officer, Akhil Handa, said his bank was in talks about the project but it was too early to talk about specific use cases.

“This certainly has the potential to be the next big thing,” he said.

State Bank of India, Axis Bank, Punjab National Bank, ICICI, HDFC, Kotak Mahindra and IDFC First are among other lenders in discussions with ONDC to set up buyer platforms, three sources familiar with the matter told Reuters. They spoke on condition of anonymity because they were not authorised to speak to the media.

Kotak said it had invested in ONDC with the belief that the project would “redefine digital commerce in the country”. It did not comment on buyer platforms.

The other banks did not respond to requests for comment.

The platforms would allow the banks to drive use of their cards, loans, and other services, the sources said.

The banks and other financial institutions had already committed to a combined initial investment of 2.55 billion rupees ($32.8 million) in the ONDC project.

While the project is moving forward, however, there were doubts whether it would diminish the presence of Amazon and Flipkart.

“The network is not about every small player colluding to make a big company like Amazon irrelevant,” said Pranav Pai, managing partner at 3one4 Capital which invests in start-ups.

“Factors like loyalty and trust for Amazon’s fulfilment services will still play a part in consumer choices online.”

Amazon and Flipkart did not respond to requests for comment.

Venture capital firms Accel and Sequoia are also in talks about potentially investing in start-ups that would join ONDC, one of the sources said. Telecom firms Bharti Airtel and Vodafone (NASDAQ:VOD) Idea are in discussions on how they could utilise the network, two of the sources said.

The firms did not immediately respond to requests for comment.

Reuters reported last week that Alphabet (NASDAQ:GOOGL) Inc’s Google was also in talks with ONDC, while Paytm, India’s leading fintech company, had already joined.

India lines up banks for e-commerce effort to take on Amazon, Walmart

Read More

Article: investing.com

Business

China Finance Ministry to Issue an Extra 5.5 Billion Yuan of Treasury Bonds in Hong Kong

Avatar

Published

on

By

China finance ministry to issue an extra 5.5 billion yuan of treasury bonds in Hong Kong By Reuters

Breaking News

‘;

Economy 1 minute ago (Oct 05, 2022 11:05PM ET)

(C) Reuters. FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

HONG KONG (Reuters) – China’s finance ministry said on Thursday that it will issue an additional 5.5 billion yuan ($773.18 million) worth of yuan-denominated sovereign bonds in Hong Kong on Oct. 12.

The ministry said it would issue an extra 3.5 billion yuan worth of bonds due 2024 with an interest rate of 2.44% per annum, and an additional 2.0 billion yuan worth of 2027 bonds carrying an interest rate of 2.75%.

($1 = 7.1135 Chinese yuan renminbi)

China finance ministry to issue an extra 5.5 billion yuan of treasury bonds in Hong Kong

India investigating deaths in Gambia linked to India-made cough syrup – sourcesBy Reuters – Oct 05, 2022

MUMBAI (Reuters) – India is investigating the deaths of dozens of children in Gambia linked to the use of an India-made cough syrup, two federal health ministry sources told…

Sri Lanka holds rates as cenbank tries to stabilise harsh economic conditionsBy Reuters – Oct 05, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held policy rates steady on Thursday, saying monetary conditions remain “sufficiently tight” after…

Sterling to struggle on, chance of dollar parity on a knife-edge: Reuters PollBy Reuters – Oct 05, 2022

By Jonathan Cable LONDON (Reuters) – Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Source: investing.com

Continue Reading

Business

India Investigating Deaths in Gambia Linked to India-made Cough Syrup – Sources

Avatar

Published

on

By

India investigating deaths in Gambia linked to India-made cough syrup – sources By Reuters

Breaking News

‘;

Economy Just Now (Oct 05, 2022 11:05PM ET)

MUMBAI (Reuters) – India is investigating the deaths of dozens of children in Gambia linked to the use of an India-made cough syrup, two federal health ministry sources told Reuters on Thursday.

The World Health Organization said late on Wednesday deaths of dozens of young children in Gambia from acute kidney injuries may be linked to contaminated cough syrup that had been manufactured in India.

The sources said the Indian government had asked the WHO to share the report establishing causal relation to death with the cough syrup.

India investigating deaths in Gambia linked to India-made cough syrup – sources

Sri Lanka holds rates as cenbank tries to stabilise harsh economic conditionsBy Reuters – Oct 05, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held policy rates steady on Thursday, saying monetary conditions remain “sufficiently tight” after…

Sterling to struggle on, chance of dollar parity on a knife-edge: Reuters PollBy Reuters – Oct 05, 2022

By Jonathan Cable LONDON (Reuters) – Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on…

Asian shares rise, oil extends gains after OPEC+ dealBy Reuters – Oct 05, 2022

By Stella Qiu SYDNEY (Reuters) – Asian shares were cautiously higher on Thursday, while the dollar eased ahead of U.S. non-farm payrolls data, and oil prices gained for a fourth…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Original Post: investing.com

Continue Reading

Business

Vietnam Q3 GDP Growth up 13.67% Y/y on Rebound in Manufacturing

Avatar

Published

on

By

Vietnam Q3 GDP grows 13.67% y/y vs 7.83% expansion in Q2 – stats office By Reuters

Breaking News

‘;

Economic Indicators 40 minutes ago (Sep 28, 2022 10:17PM ET)

(C) Reuters. FILE PHOTO: Shipping containers are seen at a port in Hai Phong city, Vietnam July 12, 2018. REUTERS/Kham/

HANOI (Reuters) – Vietnam’s gross domestic product in the third quarter grew 13.67% from a year earlier, the fastest pace in decades, thanks to robust manufacturing and exports and a low base effect, government data released on Thursday showed.

The industrial and construction sector in the July-September period grew 12.91% from a year earlier, the General Statistics Office said in a report. The services sector expanded 18.86%, while the agricultural sector grew by 3.24%.

Vietnam Q3 GDP grows 13.67% y/y vs 7.83% expansion in Q2 – stats office

New Zealand businesses less pessimistic in September – ANZ surveyBy Reuters – Sep 28, 2022

WELLINGTON (Reuters) – New Zealand businesses were less pessimistic in September with a mood lift evident in the construction sector, an ANZ Bank survey showed on Thursday.
The…

Argentina’s economic crisis draws protests even as poverty rate easesBy Reuters – Sep 28, 2022

BUENOS AIRES (Reuters) – Argentina’s deep economic slump drew thousands to the streets on Wednesday, as protesters demanded action to counter sky-high inflation and help the…

U.S. goods trade deficit shrinks on weak exports; Q3 growth estimates raisedBy Reuters – Sep 28, 2022

By Lucia Mutikani WASHINGTON (Reuters) – The U.S. trade deficit in goods narrowed for a fifth straight month in August amid a decline in imports, which is being driven by slowing…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Read More

Source: investing.com

Continue Reading

Trending

EZA.io