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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 — The number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000, evidence that job cuts remain elevated seven months into the pandemic recession. The latest sign of a flagging recovery comes two days after President Donald Trump cut off talks over a new rescue aid package that economists say is urgently needed for millions of unemployed Americans and struggling businesses. A failure to enact another round of government aid would crimp household income and spending, and some economists say it would raise the risk of a double-dip recession. 603

VISALIA, Calif. (AP) — A California prosecutor has charged a high school teacher with several child cruelty and battery counts after she forcibly cut the hair of one of her students.Tulare County District Attorney Tim Ward said in a news release Friday that 52-year-old Margaret Gieszinger faces up to 3 years and 6 months in jail if convicted of all six counts.Gieszinger was arrested Wednesday after video posted to social media showed a student at University Preparatory High School in Visalia sitting in a chair as she cuts his hair.In a video obtained by KFSN-TV, the science and chemistry teacher is heard belting the "Star Spangled Banner" while cutting the boy's hair and tossing chunks behind her.The district attorney's office did not know if Gieszinger had retained an attorney. 797

WASHINGTON — The U.S. government on Tuesday will start distributing 30,000 doses of an experimental monoclonal antibody drug to fight COVID-19, the one President Donald Trump received last month.Over the weekend, the Food and Drug Administration agreed to allow emergency use of the therapeutic, casirivimab and imdevimab, made by Regeneron Pharmaceuticals Inc., for people with mild-to-moderate symptoms who are at high risk of developing serious illness because of their age or other medical conditions.The treatment was not authorized for use in sicker, hospitalized patients or those who need extra oxygen.President Donald Trump was given the therapeutic treatment when he contracted coronavirus in October. The Department of Health and Human Services said the federal government announced funding over the summer to support large-scale manufacturing of casirivimab and imdevimab.The agency will allocate “these government-owned doses to state and territorial health departments which, in turn, will determine which healthcare facilities receive the infusion drug,” reads a statement from HHS.“Beginning immediately, weekly allocations to state and territorial health departments will be proportionally based on confirmed COVID-19 cases in each state and territory over the previous seven days, based on data hospitals and state health departments enter into the HHS Protect data collection platform,” reads the HHS statement.Antibodies bind to the virus and help the immune system eliminate it. The Regeneron drug is a combo of two antibodies that seemed to do this well in lab tests.The emergency use authorization allows limited use of a drug while studies continue to test its safety and effectiveness. Early results suggest it may reduce COVID-19-related hospitalization or emergency room visits.The drugs are given as a one-time treatment through an IV and takes about an hour.Under federal contracts, the drugs for now will be supplied for free, although patients may have to pay part of the cost of the IV treatment. 2036

WASHINGTON — Leaders in Congress say they have reached a deal on a 0 billion long-awaited COVID-19 relief package, according to multiple reports. The announcement comes Sunday evening, after months of negotiations. "Moments ago, the four leaders of the Senate and the House finalized an agreement. It will be another major rescue package for the American people," Senate Majority Leader Mitch McConnell, R-Ky., announced on the Senate floor.Exact details are not released yet. It is expected to include 0-a-week in supplemental jobless benefits, direct payments of 0 for individuals, more than 0 billion in small business loans and more than billion for schools, as well as billions for help with vaccine distribution. Nothing is final, though, until the final language of the bill is released. The bill's text must be finalized, then given to the House and Senate for a vote. Then it will head to President Donald Trump to sign. Even though lawmakers are moving the process along quickly, it appears unlikely it will be up for a vote in both houses Sunday night. The pandemic relief package is connected to a larger .4 trillion spending package that must get passed by Congress Sunday to keep the government open Monday morning and fund it through September 30, 2021. Congress passed a two-day government funding bill Friday evening to push the shutdown deadline to Sunday night at midnight.The House is preparing to approve a one-day extension of government funding, according to the Washington Post, to allow the COVID-19 relief package to be finalized so both measures can be voted on together either late Sunday or early Monday morning. The possibility of a relief bill deal happened earlier in the day Sunday, after late-night conversations Saturday over a key sticking point about the role of the Federal Reserve.Republican Senator Pat Toomey had pushed a provision late last week to pull back to the role of the central bank’s emergency lending authority, after it was given some abilities with the CARES ACT earlier this year. He wanted to rescind some of the unused funds from the emergency loan program, as well as stop some of the changes to the Fed approved in the CARES Act.Democrats said the provision would tie the hands of President-elect Biden’s administration and limit options for aid in 2021. Senate Minority Leader Chuck Schumer worked with Toomey late into the night Saturday to work out a compromise. "We're getting very close, very close," Schumer told CNN as he left the Capitol, predicting the House and Senate would vote to approve the package SundayAides said Saturday night the two had reached a deal in principle over the provision.The relief bill is not expected to have money for state and local government aid, something Democrats had been pushing for as municipalities experience sharp declines in tax revenues. However, the measure is expected to extend the deadline for using CARES Act funding from earlier this year. The deadline to use that funding without losing it had been the end of the year, now it will reportedly be pushed off for a few more months.There is also expected to be relief for renters in the measure, according to the Washington Post, however no word yet on how that help will be administered. President Trump has not been involved in recent talks about a relief package, and it is not clear how he will respond to the latest deal. 3415

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