SeaPRwire
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Amazon asks India court to jail retail tycoon in legal spat

elean
3 minutes

MUMBAI (BLOOMBERG) - Amazon.com has filed a petition in an Indian court seeking detention of Future Group's founder and seizure of assets for violating an arbitration court's order that temporarily halted the sale of its retail operations to Reliance Industries, people with knowledge of the matter said. The Delhi High Court will hear the matter on Jan 28. Besides seeking prison for tycoon Kishore Biyani, the e-commerce giant wants enforcement of the Singapore arbitrator's ruling in October against the US$3.5 billion (S$4.6 billion) deal, the people said, asking not to be identified citing rules on speaking to the media. The Jeff Bezos-led American firm, in its petition, alleged deliberate and willful disobedience of the order temporarily restraining the Future Group from going ahead with the sale, the people familiar said. It also wants the court to issue an injunction stopping the deal. Representatives for Amazon in India declined to comment on the petition. In a late evening statement to stock exchanges, Future Retail, the listed flagship of the group, said it is aware of the petition filed by Amazon and will defend itself. The cash strapped Indian retailer, which says it would c...

ACN Newswire
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Active SET debut sets Saksiam (SET: SAK) on robust growth course

indie
3 minutes

BANGKOK, Dec 9, 2020 - (ACN Newswire) - Saksiam Leasing PCL (SET: SAK) made a trading debut on December 8 with an expected enthusiastic market reception backed by its strong fundamentals and growth potential.SAK's entry to the Stock Exchange of Thailand (SET) forms part of its strategic move to transform from a regional player in the retail credit service business to a national level.The keen response on the SET comes amid a robust balance sheet in the first nine months of this year, notably with a record net profit margin of 33.6%.Another major driver is SAK's plan to double its growth in all dimensions over the next three years, expanding the credit portfolio to 12 billion baht and the number of branches to 1,119 by 2023.Saksiam Managing Director, Siwaphong Boonsalee said he believes that SAK shares would get a keen interest from investors for the company's strong fundamentals and growth potential.The fund raised from the initial public offering (IPO) and the adoption of technology will drive the business, increasing competitiveness and streamlining credit services for it helping to analyse customer insights and controlling the risk of credit quality."SAK's target customers are s...

SeaPRwire
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Decline in retail sales slows in October

elean
3 minutes

The slump in retail sales eased in October, although most segments still registered double-digit decline, according to data released by the Department of Statistics yesterday. Takings at the till dropped 8.6 per cent compared with October last year, an improvement from the revised 10.7 per cent fall in September. Excluding motor vehicles, the decline was larger, at 11.2 per cent. But when compared with the previous month, seasonally adjusted retail sales in October posted a slight growth of 0.2 per cent. Ms Selena Ling, OCBC Bank head of treasury research and strategy, said: "There is some glimmer of light at the end of the tunnel with the month-on-month improvement, but still quite distant for now. "I do not expect retail sales to revert to positive year-on-year growth territory till early 2021, possibly around Chinese New Year in February. Second-quarter retail sales for next year will also likely see a big jump due to the very low base this year." Maybank Kim Eng analyst Chua Hak Bin noted that retail sales are stagnating at about a tenth below pre-pandemic levels, after rebounding from the lows during the circuit breaker period. "The tunnel is still a long one as the vaccine wi...

SeaPRwire
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Licences suspended for eight retailers who sold cigarettes to underage buyers

aseanpr
2 minutes

SINGAPORE - Eight tobacco retailers have had their licences suspended for selling cigarettes to underage buyers between July and September. Caught for selling tobacco products to persons below the age of 20 by the Health Sciences Authority's (HSA) ground surveillance and enforcement team, the outlets will not be allowed to sell tobacco products for six months as it was their first offence. The eight retailers are Sin Tong Hong Eating House, Fresh Foods Supermarket, G& G Gambas, HNH, Happy Grocer Trading, Reshmi Mini Mart, Superluck Food Court and U Stars Supermarket, the authority said on Wednesday (Nov 11). The current minimum legal age to use, possess or buy tobacco products is 20 years old. It will be raised to 21 years old from Jan 1, 2021. "All tobacco retail licensees are reminded to educate their employees on the law pertaining to the sale of tobacco products and for sellers to verify the age of those who wish to buy tobacco products," HSA said. Those caught selling tobacco products to underage buyers can be fined up to $5,000 for the first offence and up to $10,000 for the second or subsequent offence. Their tobacco retail licence will be suspended for six months for the fi...

SeaPRwire
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Ambani wages price war with Amazon for US$200 billion India prize

elean
6 minutes

MUMBAI (BLOOMBERG) - Billionaire Mukesh Ambani obliterated rivals in India's telecommunications sector by selling US$2 data plans and free voice calls. Four years later, he's deploying a very similar tactic - cutthroat pricing - to gain an edge in the country's increasingly competitive e-commerce space. As India this week hits the peak of its biggest shopping season, the festival of Diwali, the tycoon's retail websites - including JioMart - are elbowing their way into a space long dominated by Amazon.com and Walmart's local unit Flipkart Online Services. Ratcheting up competition, Mr Ambani's portals are offering blockbuster discounts of as much as 50 per cent on popular sugary confections and other holiday staples like spice mixes for India's rice delicacy, biryani. Meanwhile, his Reliance Digital website is selling some flagship Samsung smartphones at prices cheaper than rivals, with as much as 40 per cent rebates. It's a push that comes as Mr Ambani's sprawling conglomerate, Reliance Industries, is flush with cash. After raising an eye-popping US$20 billion (S$27 billion) for its technology venture, it's shifted fundraising to its retail arm, which has won over US$6 billion in i...

SeaPRwire
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Ant’s IPO attracts record $4 trillion in retail orders

elean
4 minutes

HONG KONG • The biggest initial public offering (IPO) of all time has unleashed an investor frenzy for the record books. Individual investors in Hong Kong and Shanghai placed orders worth at least US$3 trillion (S$4.1 trillion) for shares in Mr Jack Ma's Ant Group, enough money to buy JPMorgan Chase 10 times over. Bidding was so intense in Hong Kong that one brokerage's platform briefly shut down after becoming overwhelmed by orders. Demand for the retail portion in Shanghai exceeded initial supply by more than 870 times. The stampede is fuelling predictions of a first-day pop next Thursday, when Ant is due to start trading, even as sceptics warn of risks including the US election, tightening regulations in China and rising Covid-19 cases worldwide. Whether Ant surges or not, the Chinese fintech behemoth's US$35 billion-plus IPO represents a major vote of confidence in a company that could end up shaping the future of global finance. It also underscores China Inc's ability to marshal huge amounts of capital without tapping American markets, a win for Beijing as it tries to reduce its vulnerability to the threat of US financial sanctions. Software developer Chen Wu, 35, was among th...