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Walmart goes for global dominance, Wells Fargo’s latest hurdle and other news

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Walmart
Walmart is close to reaching a deal for a majority stake in Indian e-commerce giant Flipkart, valuing it at about $20B, reports Bloomberg. The move would give Walmart a leg up against Amazon.
 
Wells Fargo
Wells Fargo’s wholesale division asked regulators to extend a June 30 deadline for an overhaul of anti-money-laundering practices. The 2015 order was a response to 100,000 customer accounts needing verification.
 
Wireless Probe
AT&T, Verizon and a phone industry standards group are being investigated for collusion, The New York Times reports. The parties are alleged to have worked together to block eSIM technology that makes it easier to switch wireless carriers.
 
Quote
“India may not be a big deal now, but it’s the future opportunity that Walmart and Amazon are eyeing.” Satish Meena, Forrester Research analyst
 
Daily Top Headlines: 
Animation: Lucy Clinch 
Script: Katie Carroll, Lorraine K. Lee 
Art: Jacqueline Zaccor 
Producer: Florencia Iriondo

Published in: News & Politics
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