World

NEW DELHI : Walmart's Indian e-commerce company Flipkart has internally raised its IPO valuation target by around a third to $60-70 billion, and now plans a U.S. listing in 2023 instead of this year, two sources with direct knowledge of the plan told Reuters. Flipkart, which competes with Amazon.com Inc in India's booming e-commerce space, had earlier set an IPO valuation goal of $50 billion, Reuters has reported. The main reason for waiting for the IPO is due to Flipkart's internal plan to boost valuations further by focussing on two of its relatively new businesses - online healthcare services and travel bookings, two of the sources with direct knowledge said. Two separate sources familiar with Flipkart's plans said the ongoing global market turmoil sparked by the Russia-Ukraine crisi...

A Boeing 777X airplane takes off during its first test flight from the company's plant in Everett, Washington, January 25, 2020. Check out the companies making headlines in midday trading. Boeing — Shares fell about 4% after a Boeing 737 passenger jet crashed in China with 132 people on board. China's civil aviation agency lost contact with the flight over Wuzhou, and the number of deaths is currently unknown. Air Products and Chemicals — The specialty chemical stock gained nearly 1% after JPMorgan upgraded Air Products and Chemicals to overweight from neutral. JPMorgan said the stock's rough start to a year had created a discount relative to a rival chemical stock with several possible catalysts coming up. Berkshire Hathaway — Berkshire Hathaway (BRK.A) shares rose about 2% on news th...

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. For the elderly, retirement income is typically composed of what the National Institute of Retirement Security calls the 'three-legged stool' — a combination of retirement savings from defined contribution plans such as a 401(k), a pension and Social Security benefits. With nearly 40% of men and women relying on Social Security benefits for more than 50% of their retirement income, the government program plays a vital role in ensuring that many elderly Americans don't end up in poverty. Spousal and widow's benefits were first established in 19...

Two weeks ago, Ukrainian President Volodymyr Zelenskyy excoriated the United Nations Security Council for failing to protect his country and he demanded action, reform or its dissolution. His judgment of the UNSC’s utility is shared by many; it’s also a misreading of its design and an inexact assessment of its purpose. Still, the invasion of Ukraine has been a test for international institutions. Many have been found wanting. Fortunately, several have risen to the moment. We should acknowledge their successes and distill their lessons. Zelenskyy’s remarks were brutal. The U.N. Security Council, “the key institution of the world designed to combat aggression and ensure peace cannot work effectively,” he said, adding that the organization “was unable to carry out the functions for which i...

Traders work on the floor of the New York Stock Exchange on March 28, 2022, in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. A key signal of recession flashed in the bond market this week, but SkyBridge Capital's Anthony Scaramucci told CNBC that he would be cautious on predicting there would be a downturn. On Monday, the U.S. 5-year and 30-year Treasury yields inverted for the first time since 2006. On Tuesday, the yield spread between the 2-year and the 10-year rate came close to inverting but stayed positive. Historically, the yield curve has inverted prior to recessions, indicating investors' concern about the health of the economy. "So historically it would signal that we're heading into a recession 12 ...

The test series victory in Pakistan on Friday (Mar 25) left Australia captain Pat Cummins excited about the team's prospects when they tour Sri Lanka in a few months and India next year. Cummins joined Richie Benaud and Mark Taylor as the only Australian captains to lead their team to a series victory in Pakistan when his side clinched the deciding third test in Lahore by 115 runs for a 1-0 win. The 28-year-old fast bowler was handed the reins of the test side in November when Tim Paine stepped down amid a sexting scandal shortly before an Ashes series at home. Cummins showed very few nerves against arch-rivals England and inspired the side to a comprehensive 4-0 win and is now unbeaten in his eight tests as Australia captain. "It's one of just immense satisfaction for me," Cummins tol...

Philippine President Rodrigo Duterte is unlikely to stand trial in his remaining few months in office for crimes against humanity over his so-called war on drugs, but bereaved families of the victims said they will continue to fight it out whether in an international or a domestic court. Duterte, whose populist campaigns since taking office in 2016 included the brutal anti-drug war, has claimed he had so many dead bodies of narcotics offenders dumped in Manila Bay that the “fish will grow fat.” He recently said he wants his successor to continue “killing” them to stop substance abuse. With the May 9 presidential elections looming, survey front-runner Ferdinand Marcos Jr. and closest rival and opposition icon Vice President Leni Robredo both said they will carry over the anti-drug campaig...

More Japanese filmmakers than before are venturing outside their domestic comfort zone. But few have gone farther, both geographically and culturally, than Yu Kaneko in his documentary “Mlabri in the Woods.” An associate professor at Tama Art University, Kaneko has published extensively about cultural anthropology and cinema history, and has made documentaries on a range of subjects. His new film about the Mlabri, an ethnic group living in the hills of Laos and northern Thailand, began with an encounter in Thailand in February 2017 with Yuma Ito, a Japanese linguist fluent in the Mlabri language. “He told me that the three Mlabri subgroups hate each other, believing folklore that the others are cannibals, so he’d like to introduce them to each other,” Kaneko tells The Japan Times. “I sa...

The U.S. is launching an investigation into whether Chinese solar-equipment manufacturers are evading tariffs by sending components to other Asian nations for assembly before shipping finished products to the U.S. The U.S. Commerce Department said in filings Monday that it would open the probe requested by Auxin Solar Inc., a small California panel maker, marking the first formal step of an investigation that could span a year and culminate in expanded duties on the imports. The investigation threatens to upend the U.S. solar sector, which depends heavily on Asian panels. Companies that build solar farms warned that simply opening a probe will drive up prices and potentially expose importers to retroactive duties. That could slow the growth of clean power in the U.S. and undermine Presid...

TOKYO : The cost of insuring against a default in SoftBank Group Corp's debt hit a two-year high on Wednesday and its bond yield also climbed as sharp drops in the value of its tech investments have unnerved investors. The value of marquee companies in the tech investor's portfolio have tumbled, hit by China's crackdown on tech companies, the prospect of higher interest rates and war in Ukraine. Among them, Alibaba Group Holding Ltd and Didi Global Inc have slid 35per cent and 64per cent respectively for the year to date. "Debt investors are generally more conservative than equity investors, but if they're worried then equity investors probably should take notice," said Redex Research analyst Kirk Boodry. SoftBank's 5-year credit default swaps rose by around 25 basis points, data from I...