PhonePe, an Indian digital payments company, announced on Friday that Walmart Inc., its major investor, had contributed $200 million to its $12 billion pre-money valuation. One of the most valuable startups in India and the most valuable payments company, PhonePe, said the investment is a part of its ongoing $1 billion round of fundraising. At…
Russian President Vladimir Putin urged Russia’s billionaires to prioritize nationalism over personal gain and to make investments domestically to support the country’s economy in the face of Western sanctions. Putin spoke directly to Russia’s business elite for the first time since the day he sent his troops into Ukraine on February 24 of last year, telling…
SAIC Volkswagen Automotive Co. is joining more than 40 brands in slashing prices ahead of a change in emissions rules in the world’s largest auto market by offering 3.7 billion yuan ($537 million) in cash subsidies for car purchases in China. The Teramont, Lavida, and Phideon models are all eligible for subsidies from the joint…
Apple is reportedly shifting the leadership of its international businesses in order to focus on India. According to reports, “India is now its own sales region at Apple” as a result of the change in emphasis. Ashish Chowdhary, managing director of Apple India, will now be in charge of the Middle East, the Mediterranean, East…
Adidas, burned by the end of its partnership with the musician formerly known as Kanye West, needs a new direction but should consider new celebrity partnerships more strategically and not rely as heavily on one person, according to industry experts. The company’s decision to cut ties with the rapper known as Ye since 2021 was…
According to a company memo reviewed by Reuters, Credit Suisse has received regulatory approval from China to launch a full-fledged wealth management business in the world’s second-largest economy. The expansion comes after the lender experienced larger-than-expected global wealth outflows in the fourth quarter, totaling 92.7 billion Swiss francs ($98.29 billion). According to the memo, which…
Walmex, Walmart’s unit in Mexico and Central America, said on Tuesday that it plans to increase spending in the region by 27% over last year, to around 27 billion pesos ($1.49 billion) in 2023. Walmex said in a filing following an event with investors and analysts that just under half of the investment will go…
A 9-meter-long (30-foot) screen at Ford Motor Company’s UK headquarters in Dunton, east of London, displays the company’s efforts to use reams of data generated by its vans and trucks, from engines to oil filters or brake pads, to draw in more customers in the European and American commercial vehicle market. This screen displayed real-time…
Altria Group Inc. announced on Monday that it would acquire the e-cigarette start-up NJOY Holdings Inc. for approximately $2.75 billion in cash, placing new bets on the rapidly expanding market after suffering enormous losses on its investment in Juul. The tobacco giant announced that it had exchanged its investment in Juul for some of the…
Honda has announced that several teams have approached it about a potential partnership when the new engine era in Formula One begins in 2026, but no decision has been made regarding future participation. The agreement between Honda and Red Bull and sister team AlphaTauri to produce engines in Japan will expire in 2025. Red Bull recently…
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