That cannot have been been easy, but she seemed totally unflustered.
MUMBAI—A Morgan Stanley investment fund has reduced the valuation of its holding in Flipkart Internet Pvt. by 38%, as India’s leading e-commerce firm faces increased competition from U.S. rival Amazon.com Inc. and others.
In a U.S. regulatory filing this week, the Morgan Stanley Select Dimensions Investment Series fund said for the quarter ended Sept. 30, it held 1,969 Flipkart shares, which it valued at $102,644, or $52.13 a share.
For the preceding quarter, the fund—part of Morgan Stanley Investment Management, the company’s asset management division—reported the same number of shares in the startup, but valued them at $165,967, or $84.29 a share
In a statement, a Flipkart spokeswoman said the Morgan Stanley fund’s markdown was a “purely theoretical exercise” that is “not based on any real transactions.”
Embedded above and on The WSJ Facebook page here: A colleague and I earlier this week discussed India’s demonetization — the government’s sudden decision to eliminate its biggest bills.
Indian online payment firm Paytm says it has added 8 million new users in the two weeks since the government announced the replacement of the country’s highest-denomination bank notes.
In a bid to root out corruption, counterfeit money and tax evasion, Prime Minister Narendra Modi on Nov. 8 announced the replacement of notes worth 500 rupees ($7.30) and 1,000 rupees ($14.60). That move has resulted in a cash shortage, with scores of people lining up outside ATMs and banks to deposit their cash, exchange old notes or withdraw new bills.
The inconvenience has also pushed people to sign up for digital wallets.
“This is the golden age of investment in digital payments in India,” Vijay Shekhar Sharma, chief executive of Paytm parent company One97 Communications, said at a news conference in New Delhi on Wednesday.
Patym, which is backed by Chinese e-commerce giant Alibaba Group Holding Ltd., makes a popular mobile app that can be used to pay for everything from auto-rickshaw rides to groceries.
The Noida, India-based firm is adding about 500,000 new users daily following Mr. Modi’s announcement, according to Mr. Sharma. It added 100,000 a day last month.
Click through to read the rest.
U.S. President-elect Donald Trump on Monday said his administration will scrutinize what he called “abuses” of visas amid speculation that he intends to restrict the flow of skilled workers into his country.
In a two-minute video posted on YouTube, Mr. Trump for the first time since the Nov. 8 election articulated to the public what he plans to do during his first 100 days in office.
“On immigration,” Mr. Trump said, “I will direct the Department of Labor to investigate all abuses of visa programs that undercut the American worker.”
He also said he would take action on trade, energy policies and more.
NEW DELHI– Amazon.com Inc. founder Jeff Bezos, perturbed by his company’s failure to capture much of the massive Chinese market, had a pointed message for executives in India during a visit in 2014: Don’t let that happen here.
Do what it takes to succeed and don’t worry about the cost, Mr. Bezos said, according to a person who was present.
Amazon, which dominates online selling in the U.S. but so far has gained little traction in developing countries, has since invested billions of dollars to build a logistics network spanning India to reel in shoppers.
The result: the company rapidly became India’s No. 2 e-commerce player and moved within striking distance of local rival Flipkart Internet Pvt., according to some estimates. Indeed, Mr. Bezos last month declared Amazon was on top in a market it largely had ignored until recent years, though he didn’t say by which measure.
“We are winning in India,” Mr. Bezos said at a conference in San Francisco, arguing that Amazon has pulled past Flipkart to become “the leader in India now.”
Amazon’s attempts to push into developing markets—marked by difficult logistics and significant cultural differences in shoppers’ expectations—reflect the e-commerce giant’s search for new routes to growth as it saturates the U.S. market. Countries such as China and India promise rapidly growing populations with steep rates of online shopping adoption as technology becomes more accessible.
Click through for a video, narrated by yours truly.
The story, which seems to have gotten a lot of attention online (it’s been shared widely on Facebook and has attracted 49 comments on The WSJ site so far), begins:
U.S. President-elect Donald Trump will likely crack down on the use of skilled-worker visas issued to Indian outsourcing firms, said a leading anti-immigration campaigner.
Mr. Trump is still picking his cabinet, and how his policies will evolve is hard to guess, but he was elected pledging to restrict immigration. That means the tens of thousands of mostly Indian migrants entering America on high-skilled worker, or H-1B, visas could become a target for tougher vetting, said Roy Beck, president of Arlington, Va.-based NumbersUSA, which advocates for limited immigration.
“It would be very surprising if we don’t see the rules around H-1Bs really tighten,” he told The Wall Street Journal.
Mr. Beck said his organization provided information and analysis to Mr. Trump and a handful of other candidates during the campaign, though the group does not support any individual candidate and does not currently work with Mr. Trump.
Mr. Trump’s presidential-transition media team did not immediately respond to a request for comment.
During his campaign, Mr. Trump emphasized tightening immigration and criticized companies that ship jobs overseas to countries like India and China.
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As promised in my previous post on the remarkable smog that has descended on the Indian capital, here’s a photo I took at about 9 a.m. downtown, near Connaught Place.
Yikes. There’s no filter on this pic, by the way.