Amazon made official offer to buy 60 percent of Flipkart

Amazon.com Inc. has made an official offer to buy 60 percent of Flipkart that could potentially complicate Walmart Inc.'s efforts to acquire the majority of online retailers. A source on Wednesday said Amazon was trying to win the e-commerce market in India and the offer was a tactic to block Walmart in logistics and supply chain management to Flipkart.

Walmart will pay US$10 billion to US$12 billion to buy a majority stake in Flipkart as Amazon India's biggest competitor. However, the source says Amazon is indeed interested in buying Flipkart. Until now Walmart, Amazon and Flipkart declined to give official comment.

Amazon's offer could start a new battle with Walmart who has become a fierce retail contender in the United States. The offer stresses the importance of gaining a greater foothold in online sales in India where the market is worth $ 200 billion a year and the key to mastering South Asia.

Walmart and Amazon's desire to get a share in India came after the two retailers struggled to grow in China, which eventually lost confidence in China's e-commerce company Alibaba Group Holding Ltd.

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Norwegian Coastal Administration prepare Stad Ship Tunnel construction to cut shipping lanes Stad peninsula

Tinuku ~ Norwegian Coastal Administration has begun Stad Ship Tunnel construction as the world's first ship tunnel to navigation bypass at Norway windy sea. A design made 1,700 meters long tunnel through the hills on the Stad peninsula which allows the ship to escape from one of the most dangerous region in the world.

PayPal acquired Sweden's iZettle.com for $2.2 billion

PayPal Holdings Inc. said on Thursday it had agreed to acquire Sweden's iZettle.com for US$2.2 billion. Startup headquartered in Stockholm is one of the most renowned financial technology companies in Europe where the deal will allow PayPal to expand the market globally and will mark the largest acquisitions ever made by a company based in San Jose, California.

iZettle offers a mini credit card device for small businesses that can turn smartphones and tablets into payment registers. The company has been present in 11 countries and offers other services for small businesses including loans. iZettle also has plans to go public.

The deal will also help PayPal provide a more comprehensive suite of services to its merchants, while PayPal that operates in the next 200 countries allows iZettle to accelerate its international expansion including the US. Similar services and major competitors in the US are Square Inc founded by Twitter CEO Jack Dorsey.

Since separating from eBay in 2015, P…

Foxconn unit to raise $4.2 billion IPO in Shanghai

Foxconn unit to collect US$4.2 billion in an IPO on the Shanghai stock exchange. Taiwan's Foxconn Industrial Internet as one of Foxconn's electronics manufacturing giant units that makes cloud services and industrial robot equipment will float 10% of total shares in an initial public offering in China on Thursday aiming to raise 27.1 billion yuan as China's biggest mainland debut for three year.

Taipei-based Foxconn, also known as Hon Hai Precision Industry Co. is the world's largest electronics contract manufacturer, a major supplier of components and assembler products by international brands including Apple and Sony. Foxconn Industrial Internet will launch 1.97 billion new shares at 13.77 yuan per share to raise 27.1 billion yuan (US$4.2 billion).

The IPO will be the largest in mainland China since 2015. Foxconn said it will use the funds raised to improve smart manufacturing, build an internet platform to connect factories, invest in cloud computing and fifth gener…

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