NEW YORK >> Walmart will soon reach shoppers in India’s massive consumer market directly, as it takes control of the online retailer Flipkart that’s known for its ubiquitous delivery drivers on motorcycles with oversized backpacks.
The $16 billion controlling stake, announced Wednesday, is the largest acquisition yet by the world’s largest retailer.
India’s hot economy makes it attractive to companies eager to sell goods to its massive population. Walmart and Amazon have pushed hard to catch up to Flipkart and to establish a substantial foothold in the country.
But instead of competing with Flipkart, Walmart has essentially taken over the company. It’s a move that might have near-term losses but is part of a larger shift by Walmart to look toward the future. Amazon, which operates an online marketplace in India, was reportedly in talks with Flipkart as well — but Walmart won it.
Walmart believes India, which has 1.3 billion people, could be among the world’s top five e-commerce markets within the next five years.
Toyota earnings rise despite incentives
TOKYO >> Toyota Motor Corp. reported Wednesday that its quarterly profit rose 21 percent as cost cuts and booming sales in some markets offset the toll from higher U.S. incentives.
Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models, earned 480.8 billion yen ($4.4 billion) during the January-March period, up from 398 billion yen the same quarter the previous year. Quarterly sales rose nearly 2 percent to 7.58 trillion yen ($69 billion).
ON THE MOVE
Current Affairs has promoted Lindsay Castro to sales manager. She was previously a design and sales associate when she joined the company in 2015. She has more than 15 years of event planning and production experience including corporate event planner, director of corporate communications and outreach coordinator for Link Technologies in Las Vegas; director of catering for The Las Vegas Country Club; catering manager at The Revere Golf Club; and assistant event and wedding coordinator for Wolfgang Puck Catering at the Springs Preserve.
Aloha Pacific Federal Credit Union has announced the following:
Barbara Carvalho is the credit union’s new vice president of operations and e-channel. She has 38 years of financial industry experience, including beginning as a teller at Central Pacific Bank and working her way up to senior vice president of CPB’s branch administration. Carvalho was previously a senior vice president at HawaiiUSA Federal Credit Union for 11 years.
