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Google Is in Advanced Talks to Invest $4 Billion in Jio Platforms – Yahoo Finance

(Bloomberg) — Google is in advanced talks to buy a $4 billion stake in Indian billionaire Mukesh Ambani’s technology venture, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce m…

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(Bloomberg) — Google is in advanced talks to buy a $4 billion stake in Indian billionaire Mukesh Ambanis technology venture, people familiar with the matter said, seeking to join rival Facebook Inc. in chasing growth in a promising internet and e-commerce market.
The Mountain View, California-based company has been discussing the investment in Jio Platforms Ltd., the digital arm of Ambanis Reliance Industries Ltd., the people said, asking not to be identified because the information is private. An announcement could come as soon as the next few weeks, according to the people.
Jio is at the center of the Indian tycoons ambition to transform his energy conglomerate into a homegrown technology behemoth akin to Chinas Alibaba Group Holding Ltd. The venture has turned into a magnet for Silicon Valley investors, attracting almost $16 billion from Facebook to KKR & Co. in the past three months.
Should the talks with Google result in a deal, that would further burnish Jios credentials in its push to upend online retail, content streaming, digital payments, education and health care in a market of more than a billion people.
Global technology leaders from Facebook to Intel Corp. are looking for multiple ways to grab a slice of the Indian market, where millions of first-time internet users are added every month. Jio Platforms, which boasts almost 400 million customers through its wireless network, offers the largest base of such users who are increasingly buying consumer goods online and downloading music and video, using cheap smartphones and Jios own cut-price data services.
Read more: Facebook Helps Asias Richest Man Shed Dependence on Oil
An arm of Qualcomm Inc. is the latest in Jios growing list of high-profile investors, which also includes Intel Capital, Silver Lake Partners and Mubadala Investment Co. As of July 12, Reliance had sold 25.2% of Jio, valuing the venture at $65 billion.
Heres a list of confirmed investors in Jio Platforms:
Details of the potential deal with Google could change, and negotiations could still be delayed or fall apart, the people said. A spokeswoman for Google in Delhi said the company was unable to comment, while Reliances representatives didnt immediately respond.
The string of investments in Jio has spurred a rally in the shares of parent Reliance. The stock has more than doubled from its March 23 low, rewarding investors who will get to hear Ambani, 63, lay out his road map for the future of the group at the conglomerates annual shareholders meeting on Wednesday.
The stock surge has also helped Ambani, Asias richest man, to break into the exclusive club of the worlds 10 wealthiest people. With a net worth of $72.4 billion, according to the Bloomberg Billionaires Index, the titan has rocketed past Elon Musk, Google co-founders Larry Page and Sergey Brin, as well as legendary investor Warren Buffett in the past few days to become sixth on the list.
Just like Facebook, Google is expanding its presence in the Indian market. On Monday, the company said it plans to spend $10 billion over the next five to seven years to help accelerate the adoption of digital technologies in the country. The amount could be put into partnerships and equity investments among others, it said.
Sundar Pichai, who was born in the country and is now chief executive officer of Googles parent Alphabet Inc., said the coronavirus outbreak has made clear the importance of technology for conducting business and for connecting with friends and family.
Founded in 1998 in Silicon Valley, Google entered India six years later with offices in Bangalore and Hyderabad. The India business has since grown into one of the companys most important. The country now has more than 500 million internet users, second only to China, with growth that has proved a lure to a raft of American technology giants.
In the last decade, Google has successfully launched several products in India, including a Google Internet Saathi service to bring women in rural areas online and its popular Google Pay service.
(Updates with Google unable to comment in seventh paragraph.)
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China’s retail sales unexpectedly fall as consumer caution prevails – Fox Business

The reports raised concerns about the fragility of China’s emergence from coronavirus

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China’s retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world’s second-largest economy failed to shake off wariness about the coronavirus, while the recovery in the factory sector struggled to gain momentum.
Asian markets pulled back on Friday following the disappointing set of economic indicators, which raised concerns about the fragility of China’s emergence from coronavirus.
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China’s recovery had been gath…

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Uber and Lyft Lose Bid to Keep Exploiting Their Drivers for Just a Little Bit Longer – Gizmodo

On Thursday, a California judge denied motions by Uber and Lyft to delay a previous injunction ordering the ridesharing companies to reclassify their contractors as full-time employees. That ruling goes into effect on August 20, to which the companies had req…

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On Thursday, a California judge denied motions by Uber and Lyft to delay a previous injunction ordering the ridesharing companies to reclassify their contractors as full-time employees. That ruling goes into effect on August 20, to which the companies had requested a 10-day extension in order to attempt an appeal.
I am confident that the court of appeal is capable of acting very quickly where it is necessary for it to do so. I am unconvinced that any extension of the 10 day stay is required. B…

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Asian markets muted as traders warily await U.S. stimulus deal – MarketWatch

Nikkei about flat, while stocks fall in Seoul

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Asian markets were little changed in early trading Friday, after stocks fell on Wall Street as the stalemate over a second coronavirus-aid plan continued to fester on Capitol Hill.Sony
6758,
+2.02%
gained in Tokyo trading while SoftBank
9984,
-1.51%
sank, while in Hong Kong, Wharf Real Estate
1997,
+2.16%
rose as HSBC
5,
-0.70%
and PetroChina
857,
fell. Samsung
005930,
-1.19%
declined in Seoul trading.
Asian stocks were muted as U.S. lawmakers political grandst…

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