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Walmart has agreed to buy India's leading online retailer Flipkart, paying billion for a controlling stake of 77%.Flipkart gives Walmart access to a market it has been trying to crack for years. Foreign investment regulations have thus far prevented the Arkansas-based retailer from opening stores in India, restricting it to operating 21 wholesale distribution outlets."India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market," Walmart CEO Doug McMillon said in a statement.The deal is subject to regulatory approval.SoftBank CEO Masayoshi Son, whose company is one of Flipkart's biggest investors, let news of the deal slip earlier on Wednesday while presenting his company's earnings.SoftBank invested .5 billion in the Bangalore-based company last year. Son said that the sale to Walmart valued SoftBank's stake at billion.Many of Flipkart's other investors will retain stakes in the company, including co-founder Binny Bansal, Chinese tech giant Tencent and Microsoft, Walmart said in a statement. Walmart's interest in investing in the Bangalore-based firm was first reported in 2016, and a deal boosts its firepower in a battle with Amazon in the world's fastest growing major economy.Amazon has long considered India one of its most important overseas markets.Amazon CEO Jeff Bezos has committed to investing at least billion in his company's India business, saying in 2016 that he saw "huge potential" in the country. Amazon has introduced its Prime video and music services in India in its effort to challenge Flipkart, as well as its annual Prime Day blockbuster sale.Flipkart now has an even bigger war chest to fend off Amazon in an e-commerce market that Morgan Stanley estimates will be worth 0 billion by 2026. The Indian firm could also speed up its expansion into groceries, an area that has already pitted Amazon against Walmart in the United States.Amazon may have been trying to spoil Walmart's plans until the very last minute. Indian media reported in early May that it made a counteroffer to buy Flipkart. 2223
WASHINGTON — Senate Republicans are proposing changes to police procedures and accountability, according to a draft of a bill obtained by The Associated Press.The JUSTICE Act — Just and Unifying Solutions To Invigorate Communities Everywhere Act of 2020 — would establish an enhanced use-of-force database, restrictions on chokeholds and new training and commissions to study law enforcement and race.In addition to the use-of-force database, the JUSTICE Act would also begin tracking — but would not ban — the use of no-knock warrants. In March, a Louisville woman named Breonna Taylor was killed when police entered her home on such a warrant.The JUSTICE Act is the most ambitious GOP policing proposal in years. It's a direct response to the massive public protests over the death of George Floyd and other black Americans.The package is set to be introduced Wednesday. As the outlines emerged, Democrats said it didn't go far enough.The Justice in Policing Act, a bill introduced by Democrats in the House last week, would introduce more sweeping changes, including a ban on police chokeholds. The Democrats' bill would also amend federal law to make it easier to charge police officers with civil rights violations.The introduction of the GOP bill will be introduced a day after President Donald Trump signed an executive order aimed at changing police practices. Trump's order calls on police departments to utilize social workers in some emergency calls. It also encouraged the formation of a nationwide database to track officers who may be fired from one department in an effort to prevent another department from hiring them. 1643

WASHINGTON (AP) — A top federal prosecutor in Manhattan has stepped down from his position after the Trump administration fired him.U.S. Attorney Geoffrey S. Berman of the Southern District of New York said in a statement Saturday that Attorney General William Barr’s decision “to respect the normal operation of law and have Deputy U.S. Attorney Audrey Strauss become Acting U.S. Attorney” led to his decision. He said it would be “effective immediately.” 464
WASHINGTON (AP) — President Donald Trump appears to have acknowledged for the first time that Joe Biden won the White House election. But Trump is making clear he's not conceding and will keep trying to overturn the result. Trump’s statements come in tweets that include several baseless claims about the Nov. 3 election, which state and federal officials say was safe and secure. Without using Biden's name, Trump tweets that “he won,” something Trump hasn't said before publicly. But Trump says the Democrat’s victory was only “in the eyes” of the media. There has been no widespread fraud in the 2020 election. Election officials from both political parties have stated publicly that the election went well and international observers confirmed there were no serious irregularities. 793
Walmart said they would stop selling "All Lives Matter" merchandise after facing a backlash.According to USA Today, the major retailer said the items, which are sold by a third-party, would not be sold on their website any longer.RELATED: Walmart facing backlash for selling 'All Lives Matter' t-shirt 309
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