Wal-Mart joins Amazon by seeking to test drones for home delivery, pickup


Wal-Mart Stores Inc applied Monday to U.S. regulators for permission to test drones for home delivery, curbside pickup and checking warehouse inventories, a sign it plans to go head-to-head with Amazon in using drones to fill and deliver online orders. The world’s largest retailer by revenue has for several months… Read more »

JPMorgan Chase to launch mobile phone payment alternative to Apple Pay

JPMorgan Chase & Co said on Monday it will soon launch its own competitor to Apple Pay that will allow consumers to pay retailers using their smartphones in stores, and it has already won the endorsement of a major group of merchants. The largest US bank is the latest company to… Read more »

Third Point buys 5% in Japan’s 7-eleven stores operator Seven & I

Third Point has bought a stake in retailer Seven & I Holdings, sources with knowledge of the matter said on Tuesday, the latest investment in Japan for the US hedge fund run by billionaire investor Daniel Loeb. Shares of the 7-Eleven convenience store operator rose more than 4 percent in early… Read more »

Australia’s NAB agrees to sell insurance arm to Japan’s Nippon Life for $1.7b

National Australia Bank Ltd has agreed to sell 80 percent of its life insurance arm to Japan’s Nippon Life Insurance Co for about $1.7 billion, a person familiar with the matter told Reuters on Tuesday. Australia’s biggest lender by assets is expected to announce the sale on Wednesday when it… Read more »

China online travel firm Ctrip in tie-up with rival Qunar, deal valued at $3.4b

Chinese online travel company Ctrip.com International Ltd on Monday announced a tie-up with rival Qunar Cayman Islands Ltd and its backer Baidu Inc through a share swap, to tap the rising number of Chinese travelers heading overseas. The deal is valued at $3.4 billion, according to Reuters calculations. Ctrip’s US-listed… Read more »

NY-based Onevest launches invitation-only digital investor network, 1000 Angels

Onevest has launched 1000 Angels, the world’s largest digital-first, invitation-only investor network, allowing member investors to build a venture portfolio free of management fees, carried interest, or large capital commitments. In a statement, New York-based Onevest said, the network serves as a re-invention of the traditional venture model by providing members with… Read more »

Alibaba results likely to dim outlook for China consumer spending

Chinese e-commerce giant AlibabaGroup Holding Ltd‘s second-quarter revenue growth is likely to have slumped to half the year-earlier rate, undermining hopes consumer spending will temper a slowdown in the world’s second-biggest economy. Beijing is hoping that private consumption will pick up the slack as exports fall and it tries to… Read more »

Standard Chartered to shut equity derivatives and convertible bonds businesses

Standard Chartered  said on Monday it plans to exit from its equity derivatives and convertible bonds businesses, following a step earlier this year to close the bulk of its global equities operations. The move is part of a plan to cut costs and focus on using capital more efficiently, it… Read more »

Shanghai-listed Yantai Xinchao to buy US oilfields for $1.3b

China’s Yantai Xinchao Industry Co Ltd has agreed to spend about 8.3 billion yuan ($1.31 billion) to buy oilfields in the U.S. state of Texas, the company said in a corporate filing late on Saturday. The oilfields, in Howard and Borden counties, will be bought from Tall City Exploration LLC… Read more »

Dorsey’s Twitter stock gift well-timed to stem brain drain, recruiters say

Twitter Chief Executive Jack Dorsey‘s novel move to give a third of his company stock to an employee equity pool is a smart gesture to restore confidence in a company that lost its way, according to recruiting and compensation experts. Beyond its generosity, the gift is a strategic effort to… Read more »