Money
India watchdog accuses Amazon of concealing facts in deal for Future Group unit
India’s antitrust regulator has taken aim at retail giant Amazon
According to Reuters, the watchdog accused Amazon of concealing facts and making false submissions when it sought approval for a 2019 investment in a Future Group unit.
That letter complicates Amazon’s bitter legal battle with Future Group over the Indian firm’s decision to sell its retail assets to Reliance Industries.
That matter that is now before India’s Supreme Court
The US-based retail giant has argued that terms agreed upon in its 2019 deal had been misrepresented.
Amazon says the deal to pay $192 million for a 49% stake in Future’s gift voucher unit was to prevent its parent, Future Group, from selling its Future Retail Ltd business to Reliance.
Reuters states that in the letter dated June 4, the Competition Commission of India (CCI) stated that Amazon hid factual aspects of the transaction.
The CCI claimed Amazon did this by not revealing its strategic interest in Future Retail when it sought approval for the 2019 deal.
“The representations and conduct of Amazon before the Commission amounts to misrepresentation, making false statements and suppression or/and concealment of material facts,”
It also noted that its review of the submissions made had been prompted by a complaint from Future Group.
In the four-page letter, a so-called “show cause notice”, the CCI asked Amazon why it should not take action and penalise the company for providing false information.
Amazon has yet to respond, according to a source with direct knowledge of the matter who declined to be identified as the letter has not been made public.
Amazon said in a statement to Reuters it had received a letter, was committed to complying with India’s laws, and would extend its full cooperation to the CCI.
“We are confident that we will be able to address the CCI’s concerns,”
Representatives for Future and the CCI did not respond to Reuter’s requests for comment.
Money
U.S. and China approve TikTok sale to American investors
US and China approve TikTok’s sale to Oracle and Silver Lake amid regulatory scrutiny, with ByteDance retaining 20%.
US and China approve TikTok’s sale to Oracle and Silver Lake amid regulatory scrutiny, with ByteDance retaining 20%.
The United States and China have officially approved a deal for TikTok’s US operations to be sold to American investors, led by Oracle and Silver Lake.
This marks a major shift in the social media landscape as the platform navigates increasing regulatory scrutiny.
Under the new agreement, ByteDance will retain just under 20% of TikTok US, while Oracle and Silver Lake will each take 15% stakes. Other investors will also participate, forming a structure designed to satisfy both commercial and regulatory demands.
The new US-based entity will have a majority American board tasked with overseeing data protection and content moderation. Despite these safeguards, concerns remain about ByteDance’s influence and whether the deal fully complies with recent legislation.
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Money
Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.
The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.
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Money
Gold hits record highs as investors flee risk
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.
The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.
Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.
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