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☆ Harper Collins, KKR bidding for Simon & Schuster, Wall Street Journal reports
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - HarperCollins Publishers and KKR & Co (KKR.N) are among the bidders for book publisher Simon & Schuster as it pursues a sale for the second time in less than three years, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Reuters had in February reported that Paramount Global (PARA.O), the owner of Simon & Schuster, was again seeking to sell the publisher, months after the media company's $2.2 billion deal to sell the book publisher to Penguin Random House collapsed. Last year, the U.S. Justice Department sued to stop the tie-up of Penguin and Simon & Schuster, as a combined group would have accounted for nearly half of the market for publishing rights to blockbuster books. HarperCollins and Simon & Schuster did not immediately respond to Reuters' requests for comment, while KKR declined to comment. Paramount is exploring a sale that could value Simon & Schuster between $2 billion and $2.5 billion and was also courting private equity buyers, Reuters reported in February, citing sources.

Persons: Simon, Schuster, Simon & Schuster, Chavi Mehta, Pooja Desai Organizations: HarperCollins Publishers, KKR, Co, Wall Street, Reuters, Paramount, Simon &, Penguin Random, U.S . Justice Department, HarperCollins, News Corp, Thomson Locations: Bengaluru

☆ Adobe tops quarterly results and forecast estimates driven by AI
▼ + stars: | 2023-06-15 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

June 15 (Reuters) - Adobe Inc (ADBE.O) surpassed Wall Street estimates for quarterly results and forecast on Thursday as the Photoshop maker's efforts to drive up demand with generative artificial intelligence (AI) integrations paid off. Adobe's spree to boost AI innovation has been evident by AI features being introduced into Acrobat, Express, Photoshop and Premiere Pro. Analysts see generative AI as both a near- and long-term benefit to both the creative and experience businesses, which could be a catalyst to 2024 revenue growth. Focus continues to remain on the impact of generative AI and the pending close of the Figma deal. Adobe has been waiting to finalize its $20 billion buyout deal for the cloud-based designer platform, with management expecting an initial ruling this month.

Persons: integrations, Dan Durn, Samrhitha, Pooja Desai Organizations: Adobe Inc, Acrobat, Adobe, Users, Reuters, Analysts, Zoom Video Communications, Airbnb Inc, Revenue, Thomson Locations: San Jose , California, Bengaluru

☆ Australia's AGL partners with BP to offer discounted charging to NSW customers
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Australia's AGL Energy (AGL.AX) said on Thursday it has partnered with energy giant BP (BP.L) for a three-year agreement to offer discounted charging to drivers of electric vehicles in New South Wales, as more companies look to pivot to green energy. Under the deal, the company and BP Pulse, the electric vehicle charging business of the London-based firm, will offer customers in New South Wales special charging rates and ultra-fast chargers when they sign up for AGL's existing Electric Vehicle (EV) at-home programme. BP said the agreement is in line with its strategy to roll out its network of 600 BP Pulse EV charging points across Australia by 2025. "As we transition to a low-carbon future, this agreement will empower our customers with innovative, sustainable and cost-effective EV charging solutions," AGL Chief Customer Officer Jo Egan said. The demand for electric vehicles has been on the rise recently, with multiple companies looking to expand their portfolios towards sustainable energy.

Persons: Jo Egan, Archishma Iyer, Pooja Desai Organizations: Energy, BP, Thomson Locations: New South Wales, London, Australia, Bengaluru

☆ Logitech says CEO stepping down, to leave company
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Logitech SA (LOGN.S) said on Tuesday that Chief Executive Officer and President Bracken Darrell is resigning from his role effective immediately and will be leaving the company to pursue another opportunity. Darrell, who assumed the role of Logitech's CEO in 2013, will remain with the company over the coming month to facilitate the transition while a search for a replacement is conducted, the statement said. Meanwhile, board member Guy Getch will step in as interim CEO, the company said. "I feel this is a good point to hand over leadership," Darrell said, adding that he will remain a "customer, shareholder and fan" of the Swiss-American tech company. Reporting by Rahat Sandhu in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Bracken Darrell, Darrell, Guy Getch, Rahat Sandhu, Pooja Desai Organizations: Logitech SA, Logitech, Swiss, Thomson Locations: American, Bengaluru

☆ United Air expects new pilot offer to add over $8 bln in costs
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

Delta Air Lines' (DAL.N) landmark pilots contract in March, which offers $7 billion in higher pay and benefits, has put pressure on rival carriers to hand out similar deals ahead of a busy summer travel season. Earlier this month, the company's pilots union voted to authorize a strike vote - a bargaining tactic unions have been using in contract negotiations. However, Kirby did not reveal details included in the proposal, other than to say United would top the recent deals agreed to by its two biggest rivals. "We have disagreed with the company on the costing of items and they, in our opinion, have inflated many. Meanwhile, shares of United Airlines rose 3.5% in afternoon trade, benefiting from broader market gains.

Persons: Scott Kirby, Kirby, Priyamvada C, Nathan Gomes, Allison Lampert, Shilpi Majumdar, Shailesh Kuber, Pooja Desai Organizations: United Airlines Holdings Inc, Delta Air Lines, Bloomberg, Air Line Pilots Association, Reuters, United Airlines, Thomson Locations: North America, Chicago

☆ Netflix in talks to livestream celebrity golf tournament - WSJ
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Netflix (NFLX.O) is in talks to livestream a celebrity golf tournament featuring professional golfers and Formula One drivers, the Wall Street Journal reported on Monday, citing people familiar with the matter. The tournament will feature celebrities from “Drive to Survive”, a docuseries about Formula One auto-racing, and “Full Swing”, which followed professional golfers during the 2022 season, the report said. Discussions about the tournament, scheduled for this fall, are in the early stages, WSJ said. Netflix has been exploring investments in live sports broadcasting and is in the early days of testing live broadcasts; its first live event was a Chris Rock comedy special on March 4. Rival streaming services Apple TV+ and Amazon Prime Video have already added live professional sports competitions to their line-ups, acquiring the rights to major league soccer and the NFL's Thursday night games, respectively.

Persons: livestream, Chris Rock, Kannaki, Pooja Desai Organizations: Netflix, Formula, Wall Street, Apple, Amazon Prime, Thomson Locations: Bengaluru

☆ EV maker Fisker pushes into emission credit market to boost sagging business
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

Companies Fisker Inc FollowTesla Inc FollowJune 6 (Reuters) - Electric vehicle startup Fisker (FSR.N) has signed a deal to sell emission credits to a major automaker, looking to enter a market it is betting on to navigate a stormy economic environment and a price war sparked by Tesla (TSLA.O). The announcement on Tuesday comes barely a month after Fisker lowered its 2023 production target and reported a worse-than-feared adjusted loss in the first quarter. Many electric-vehicle makers, including market leader Tesla, have been selling credits earned for exceeding emission and fuel economy standards to other automakers that fall short. Fisker, whose shares closed up 1.4% at $5.84, will also start U.S. deliveries of the all-electric Fisker Ocean SUV later this month, it said. Reporting by Niket Nishant in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Fisker, Niket, Pooja Desai Organizations: EV, Thomson Locations: Bengaluru

☆ Peter Chernin's North Road buys Turkish film and TV house Karga Seven
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Veteran Hollywood producer Peter Chernin said on Tuesday his company North Road has bought Turkish film and television house Karga Seven Pictures in one of its first major international acquisitions. Los Angeles-Istanbul-based Karga Seven is best known for its popular English-language period piece, "Rise of Empires: Ottoman", and Turkish time travel drama, "Midnight at the Pera Palace", which were among Netflix's top shows. Karga Seven's founders Sarah Wetherbee, Emre Sahin and Kelly McPherson will remain in leadership roles, with Wetherbee and Sahin serving as global co-CEOs and reporting to North Road President Jan Frouman. McPherson will head English-language content, along with newly hired Ömer Müjdat Özgüner serving as the company's Turkey CEO. Reporting by Dawn Chmielewski in Los Angeles and Samrhitha Arunasalam in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Chernin, Chernin, Karga Seven's, Sarah Wetherbee, Emre Sahin, Kelly McPherson, Wetherbee, Sahin, Jan Frouman, McPherson, Ömer Müjdat, Ford, Dawn Chmielewski, Samrhitha, Pooja Desai Organizations: Hollywood, Pictures, North Road, Providence, Red Arrow Studios, Chernin Entertainment, Thomson Locations: Turkish, Los Angeles, Istanbul, Turkey, United States, U.S, Bengaluru

☆ Panasonic to boost battery output at Tesla's Nevada Gigafactory by 10%
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

The comments followed a Nikkei Asia report on Monday that said unit Panasonic Energy would install a 15th production line at Gigafactory Nevada. Panasonic Energy announced the plan to increase the Nevada factory's production capacity by 10% by March 2026 at a business strategy meeting last week, a Panasonic Group spokesperson said, declining to comment further. Panasonic said last month it planned to build at least two new factories for the production of Tesla 4680 battery cells in North America by 2030. At the time, Panasonic had not disclosed where in North America it would add the production capacity. Tesla recently told Panasonic it would "buy as much as (Panasonic) can make", according to an executive at the Japanese manufacturer, the Nikkei report said.

Persons: Tesla, Musk, Samrhitha, Daniel Leussink, Pooja Desai, Jamie Freed Organizations: Panasonic Holdings, Tesla, Nikkei, Panasonic Energy, Panasonic, Thomson Locations: Nevada, Nikkei Asia, Gigafactory Nevada, North America, Wakayama, Japan, Bengaluru, Tokyo

☆ Panasonic to boost battery output at Tesla's Nevada Gigafactory - Nikkei
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

The company's unit, Panasonic Energy, will install a 15th production line at Gigafactory Nevada, the report said. The report comes after Panasonic said last month it plans to build at least two new factories for the production of Tesla 4680 battery cells in North America by 2030. At the time, Panasonic had not disclosed where in North America it would add the production capacity. Tesla recently told Panasonic it would "buy as much as can make", according to an executive at the Japanese manufacturer, the report added. Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, while Tesla is already producing the 4680 battery cells, which Musk has touted as being key to making cheaper and compelling electric cars.

Persons: Tesla, Musk, Samrhitha, Pooja Desai Organizations: Japan's Panasonic Holdings Corp, Tesla Inc, Nikkei, Panasonic Energy, Panasonic, Tesla, Thomson Locations: Nevada, Gigafactory Nevada, North America, Wakayama, Japan, Bengaluru

☆ Intel to sell $1.5 bln stake in Mobileye
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Intel Corp (INTC.O) is offering 35 million shares of Class A common stock, or about a $1.5 billion stake, in Mobileye Global Inc (MBLY.O), according to a regulatory filing on Monday. After the offering, Intel's voting share in the self-driving technology company will come down to about 98.7% from the 99.3% it currently holds. Shares of the Jerusalem, Israel-based Mobileye fell over 4% to $40.55 in extended trading. Mobileye, which counts BMW (BMWG.DE), Nissan (7201.T) and Volkswagen (VOWG_p.DE), among others as its customers, listed on the Nasdaq last year after raising $861 million in an initial public offering. Goldman Sachs & Co and Morgan Stanley are acting as joint book-running managers for the share sale, the company said.

Persons: Mobileye, Goldman Sachs, Morgan Stanley, Bhanvi, Pooja Desai Organizations: Intel Corp, Mobileye Global Inc, Nvidia Corp, Qualcomm Inc, BMW, Nissan, Volkswagen, Nasdaq, Goldman Sachs & Co, Thomson Locations: Jerusalem, Israel, Bengaluru

☆ SentinelOne's disappointing forecast slams shares
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Shares of the company sank 37% before the bell on Friday and were set to open at their lowest level in about six months. The stock could erase most of the 42% rise it has posted so far this year, if losses hold through regular trading. The median price target on the stock is now $18, which is 13% lower than its last closing price. Factors other than a weak economy seem to be impacting SentinelOne, said BTIG analysts, downgrading the stock to "neutral". Some brokerages pointed to competitive pressure from the likes of Microsoft Corp (MSFT.O) and larger peer CrowdStrike Holdings Inc (CRWD.O).

Persons: SentinelOne, Akash Sriram, Pooja Desai Organizations: SentinelOne Inc, Palo Alto Networks, Microsoft Corp, CrowdStrike Holdings, Guggenheim, Thomson Locations: Palo, Bengaluru

☆ Dollar General prunes annual outlook as shoppers curb spending; shares slide
▼ + stars: | 2023-06-01 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Low-cost retailers like Dollar General face stiff competition from bigger retailers like Walmart in the grocery and food business, which has lifted its annual outlook as it offers lower prices on groceries compared to rivals Target Corp (TGT.N). Shares of Dollar General were set for their worst day on record, if losses hold, as it also said an earnings decline would be "most significant" in the second quarter. The Tennessee-based company's gloomy outlook echoes disappointing results at its biggest rival Dollar Tree (DLTR.O) last week, which took a hit from slowing demand for non-essentials and elevated cost pressures. The company's first-quarter same-store sales and profit were also below analysts' average estimate as customers appeared to have reduced their spending budgets. Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeffery Owen, Michael Montani, Kelly Dilts, Savyata Mishra, Pooja Desai, Dhanya Ann Thoppil Organizations: General Corp, Walmart, Target Corp, Evercore ISI, Thomson Locations: The Tennessee, Bengaluru

☆ Pfizer says its experimental antibiotic combo can treat some superbug infections
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron/File PhotoJune 1 (Reuters) - Pfizer Inc (PFE.N) said on Thursday data from late-stage trials showed its experimental combination of antibiotics was effective in treating deadly infections caused by drug-resistant bacteria. Deaths from antibiotic-resistant bacteria, also known as superbugs, have been on the rise globally, and health regulators have called for the development of newer treatments as resistance to older antibiotics grows. The late-stage studies compared the experimental combination of the antibiotics aztreonam-avibactam (ATM-AVI) and existing generic drug metronidazole with a combination of two older antibiotics - meropenem and colistin - to treat complicated intra-abdominal infections and types of hospital-acquired pneumonia. Pfizer said the data from the studies shows the antibiotic combination of ATM-AVI is effective and well-tolerated in treating infections caused by gram-negative bacteria. For patients with types of hospital-acquired pneumonia and ventilator‐associated pneumonia, the cure rate was 45.9% for Pfizer's antibiotic combination with metronidazole, versus 41.7% for other, older treatments.

Persons: Johanna Geron, Leroy Leo, Sriparna Roy, Pooja Desai Organizations: Pfizer, REUTERS, Pfizer Inc, Disease Control, Thomson Locations: Puurs, Belgium, United States, Bengaluru

☆ Billionaire real estate investor Sam Zell dies at 81
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

May 18 (Reuters) - Billionaire real estate investor Sam Zell has died at the age of 81, according to a statement from Equity Residential (EQR.N), the real estate investment trust (REIT) he chaired. Known for his bet on distressed assets and for popularizing the REIT structure in the 1990s, Zell founded the company that was a precursor to Equity Residential and took it public in 1993. He also invested in manufacturing, travel, retail, healthcare and energy businesses, Equity Residential said. He had a net worth of $5.2 billion, according to Forbes. Reporting by Niket Nishant in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ WHO recommends new COVID shots should target only XBB variants
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - A World Health Organization (WHO) advisory group on Thursday recommended that this year's COVID-19 booster shots be updated to target one of the currently dominant XBB variants. New formulations should aim to produce antibody responses to the XBB.1.5 or XBB.1.16 variants, the advisory group said, adding that other formulations or platforms that achieve neutralizing antibody responses against XBB lineages could also be considered. The U.S. Food and Drug Administration is also set to hold a meeting of outside experts in June to discuss the strain compositions of COVID-19 shots for later this year; vaccine manufacturers will be expected to update their shots once the strains are selected. The bivalent booster shots developed and distributed last year targeted two different strains - the Omicron variant as well as the original virus. WHO's advisory group, which recommends if changes are needed to the composition of future COVID-19 shots, said currently approved vaccines should continue to be used in accordance with the agency's recommendations.

☆ Sam Zell, billionaire real estate investor, dies at 81
▼ + stars: | 2023-05-18 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

[1/3] Sam Zell, Chairman of Equity Group Investments, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. Born in 1941 to Polish parents who escaped to the United States during the German invasion of Poland, Zell took a deep interest in real estate very early on. Besides real estate, his firm also invested in manufacturing, travel, retail, healthcare and energy businesses. Zell played a key role in popularizing the structure of real estate investment trusts (REITs) that involved leasing and collecting rent on properties and distributing profit to investors as dividend in the 1990s. It was later sold to asset management giant Blackstone Inc (BX.N) for $39 billion in one of the largest real estate deals ever.

☆ BlackRock to call staff back to office at least four days a week - memo
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - BlackRock Inc (BLK.N), the world's largest asset manager, has asked its staff to return to office at least four days a week, according to an internal memo seen by Reuters. "We will shift to at least four days per week in the office, with the flexibility to work from home one day per week," the memo said. The New York-based asset manager joins other major Wall Street firms in changing its work-from-home policy as financial institutions start to look beyond COVID-19-induced restrictions. Last month, J.P.Morgan Chase & Co (JPM.N), the United States' largest bank, asked its managing directors to work from office five days a week. J.P.Morgan CEO Jamie Dimon, along with Wall Street counterparts at Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N), has been a strong advocate of in-office work.

☆ TSX tumbles after hotter-than-expected inflation data
▼ + stars: | 2023-05-16 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

A report by Statistics Canada showed that April annual consumer inflation had surprisingly ticked up, fueled by higher rental and mortgage interest costs. "Underlying core inflation is settling in around 4%, which is clearly still too high for the BoC's comfort." ET (14:14 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 235.32 points, or 1.15%, at 20,304.65. The materials sector (.GSPTTMT) tumbled 1.4% and was the biggest drag on the TSX, tracking weak base- and precious-metal prices. Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Colgate-Palmolive raises annual organic sales forecast on price hikes
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Colgate-Palmolive Co (CL.N) raised its full-year organic sales forecast on Friday, betting on consistent price hikes and steady demand for its pet nutrition products. The company now expects full-year organic sales growth of 4% to 6%, compared with its prior expectations of 3% to 5% range. Peer Kimberly-Clark Corp (KMB.N) also raised its full-year profit forecast on Tuesday, helped by consistent price hikes. While that pulled down its total organic volumes by 2%, this was more than offset by a 12% increase in prices. Colgate-Palmolive's revenue rose over 8% to $4.77 billion in the quarter ended March 31, beating analysts' average estimate of $4.58 billion, according to Refinitiv data.

☆ Fox announces new unit to house digital businesses
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Media company Fox Corp (FOXA.O) on Wednesday said it would house its standalone digital businesses under a new unit, Tubi Media Group, along with its news, sports and entertainment digital platforms. Fox's standalone digital businesses include free, ad-supported streaming platform Tubi, which Fox acquired in 2020; Tubi founder Farhad Massoudi will now step down as its chief executive officer. Paul Cheesbrough, who previously served as technology chief and president of Fox's digital unit, will become the CEO of the new division, the company said. On Monday, Fox News Media and its top-rated host Tucker Carlson agreed to part ways, less than a week after parent Fox settled a defamation lawsuit in which Carlson played a central role, for $787.5 million. Fox said Tubi Media Group will announce the new CEO for Tubi Streaming in the near future.

April 19 (Reuters) - Citizens Financial Group Inc's (CFG.N) first-quarter profit missed Wall Street estimates as deposits declined and it set aside more rainy-day funds to cover for souring loans. The potential economic downturn prompted Citizens to set aside $168 million in case its customers default on their loans, compared with $3 million a year earlier. Citizens gradually set aside more money to cover potential losses on office loans, where it predicts weakness as remote working becomes more popular, while rising interest rates and a weaker economy put pressure on borrowers. Average deposits fell 2.6% to $174.4 billion in the three months ended March 31, compared with $179 billion at the end of the previous quarter. Citizens reported an underlying profit of $1.10 per share; analysts' on average had expected it to report $1.13 per share, according to Refinitiv IBES data.

☆ Goldman Sachs reshuffles equities unit executives after top trader Montesano's exit
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Goldman Sachs Group Inc (GS.N) on Wednesday announced a slew of changes to leadership in its equity trading division following the retirement of its top equity trader Joe Montesano last month, according to a memo seen by Reuters. Cyril Goddeeris will continue to lead global equity financing, which includes his responsibilities as co-head of global prime services and head of global securities lending and synthetic trading. Dimitrios Nikolakopoulos will lead global equity structured products. Dmitri Potishko and Erdit Hoxha will be co-heads of global flow derivatives and emerging markets trading. Travis Chmelka, who joined the firm in 2004 and was named managing director in 2013 and partner in 2020, will head Americas Flow Derivatives.

☆ CarMax speeds past quarterly profit estimates on cost cuts
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

Companies Carmax Inc FollowAutoNation Inc FollowApril 11 (Reuters) - CarMax Inc (KMX.N) on Tuesday posted fourth-quarter profit above analysts' estimates as cost cutting measures helped the pre-owned car retailer soften the blow from a slowdown in demand for vehicles. Demand for used cars was dented over the past year due to higher borrowing costs and soaring commodity and gasoline prices, weighing on CarMax's results. That demand for vehicles and related services helped auto retailer AutoNation Inc (AN.N) post a better-than-expected quarterly profit when it reported earnings in February. CarMax's adjusted fourth-quarter profit came in at 44 cents per share, ahead of Refinitiv IBES estimates of 24 cents per share. Its quarterly revenue came in at $5.72 billion, below analysts' estimates of $6.04 billion, as affordability concerns impacted sales.

☆ India's PhonePe launches e-commerce app on government's open network
▼ + stars: | 2023-04-04 | by ( Varunvyas Hebbalalu | ) www.reuters.com time to read: +1 min

REUTERS/Saumya KhandelwalBENGALURU, April 4 (Reuters) - Walmart Inc-backed (WMT.N) digital payments firm PhonePe Pvt Ltd launched an app called Pincode on the Indian government's open network on Tuesday to strengthen its e-commerce business. The Open Network for Digital Commerce (ONDC) was launched last year to enable small merchants and local stores across India to access processes and technologies typically deployed by large e-commerce platforms like Amazon (AMZN.O) and Walmart (WMT.N). Pincode, which will focus on hyperlocal commerce, is currently live only in Bengaluru and available on the Google Play Store and the App Store, PhonePe said in a statement. PhonePe already has an e-commerce platform, called Switch, on its app, which offers services including food delivery, grocery shopping, travel, hotel booking, retail fashion and healthcare. India's most valuable payments firm, PhonePe had raised $200 million from majority-backer Walmart in a pre-money $12 billion valuation in March.

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