NEW DELHI: It was early 2019, and senior Amazon.com Inc executive Jay Carney was preparing for an important meeting. The former press secretary to U.S. President Barack Obama, Carney was scheduled to talk with India's ambassador to the United States in Washington, D.C. In Delhi, the Indian government had just announced foreign direct investment regulations that threatened to disrupt Amazon's business in the world's second most populous country. Before the meeting, Amazon employees prepared a draft note for Carney. The note, reviewed by Reuters, advised Carney what to say – and what not to say. He should highlight the fact that Amazon had committed more than US$5.5 billion in investment in India and how it provided an online platform for 400,000-plus Indian sellers. But he was cautioned not to divulge that some 33 Amazon sellers accounted for about a third of the value of all goods sold on the company's website. That information, the note advised, was "Sensitive/not for … [Read more...] about Special Report: Amazon documents reveal company’s secret strategy to dodge India’s regulators
61 ayurvedic firms raided makers rattled
With $22.7 billion in his kitty, Mukesh Ambani is India’s richest
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015 Photograph: Courtesy, Reliance I ndustrialist Mukesh Ambani was, on Thursday, named India's richest person for ninth year in a row with a sharp increase in networth to $22.7 billion, while Sun Pharma's Dilip Shanghvi, below , was ranked a distant second with a wealth of $16.9 billion. Photograph courtesy: Creative Commons The Hinduja Family moved up to the third position ($15.2 billion) on the annual Forbes list of India's 100 Richest People. Wipro's Azim Premji, bottom , slipped one place to fourth with a networth of $15 billion. Patanjali Ayurved's Acharya Balkrishna, known as a close associate of yoga guru Ramdev, has made a surprise entry at the 48th position with a networth of $2.5 billion on the list compiled by the American business magazine known for its rich lists. Forbes said the … [Read more...] about With $22.7 billion in his kitty, Mukesh Ambani is India’s richest
South Korea’s state health insurer to pursue tobacco lawsuit
SEOUL (REUTERS) - South Korea's state health insurer plans legal action against tobacco firms to get reimbursed for some of the US$1.6 billion (S$2 billion) it says the country spends each year on treatments linked to smoking. The move could spark a legal battle with major global firms such as Philip Morris and British American Tobacco . The two firms, together with Japan Tobacco International (JTI), an affiliate of Japan Tobacco Inc, have a combined share of close to 40 per cent of South Korea's tobacco market, worth an estimated US$9.3 billion. Over the past decade, the three firms have grabbed away market share from former state-owned tobacco and ginseng products maker KT&G Corp, reducing it to 61.7 per cent by the end of 2013 from 76.7 per cent. The decision to seek damages was made at a meeting of the National Health Insurance Service (NHIS) board on Friday, but the scope, timing and counterparties of the lawsuit have not yet been decided, a spokeswoman for the insurer … [Read more...] about South Korea’s state health insurer to pursue tobacco lawsuit