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Walmart may take stake in Flipkart

The markets reversed course during the midday with the Dow gaining 41 points to 25,241. Nasdaq added a point to 7258.


Walmart is rumored to be engaged in discussions to acquire a significant stake in Flipkart. The infusion of cash would provide the Indian e-commerce site the resources to fend off a challenge by Amazon, which has plans to spend $5 billion to expand in India. SoftBank invested $2.5 billion last year in Flipkart for a 20% stake which values the company at $12 billion.


The Court of Brussels has ordered Facebook to immediately stop its practice of tracking the online behavior of Belgians through third party websites. Belgium's Privacy Commission sued the social media giant for illegally collecting and storing information about people. Facebook will be fined 250,000 euros per day or up to 100 million euros (approximately $125 million) if the tracking continues.


Uber has changed some of its safety protocols in London in order to regain its operating license that was not renewed in September 2017. A new 24-hour support line will be launched later this year for riders and drivers to report complaints to an actual live person rather than submitting complaints through the Uber app. Passenger complaints that are serious in nature will be forwarded to the police automatically which is a shift from the current practice of encouraging riders to report problems to the police.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 rose 6 points to 2,738. Bitcoin plunged $165 to $9,934.


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