India’s Adani Group is reportedly in talks to expand into e-commerce and payments space
A sign for the Adani Group on Feb. 9, 2023. A settlement the conglomerate reached with truckers will have only a small impact on the overall Adani empire, but it was a big win for drivers and owners in a state where most people live on around $7 a day.
Indranil Aditya | Bloomberg | Getty Images
India’s Adani Group is in talks to expand into the country’s e-commerce and payments space, the Financial Times reported Tuesday, citing four people familiar with the matter.
It will be competing with the likes of Google in the payment’s space and India’s Reliance Industries on the e-commerce front, as the ports-to-retail conglomerate expands its operations in the world’s most populous country.
The FT reported Adani could apply for a license to operate on India’s public digital payments platform, Unified Payments Interface (UPI), and is also in talks with banks to finalize previously announced plans for a co-branded Adani credit card.
Adani is also in negotiations to offer online shopping through an Indian government-backed public e-commerce platform, Open Network for Digital Commerce, the FT reported.
Separately, Adani Group is set to kick off several roadshows this week to raise up to $4 billion through equity and refinancing of older debt, Business Standard reported, citing banking sources.
— Shreyashi Sanyal, Financial Times
Australian retail sales tick higher in April, but miss expectations
Data from the Australian Bureau of Statistics said retail turnover rose 0.1% month-on-month in April, on a seasonally adjusted basis.
The reading was below Reuters poll estimate of a 0.2% rise. Retail sales in April rose 1.3% from a year earlier.
“Underlying retail spending continues to be weak with a small rise in turnover in April not enough to make up for a fall in March,” said Ben Dorber, head of retail statistics at the Australian Bureau of Statistics.
“Since the start of 2024, trend retail turnover has been flat as cautious consumers reduce their discretionary spending,” Dorber added.
— Shreyashi Sanyal
Japan services producer price index rises at fastest rate since March 2015
Japan’s services producer price index rose 2.8% year on year in April, marking its fastest rise in nine years and providing another indicator of sustained inflation to the Bank of Japan.
The PPI was higher than the revised 2.4% in March, climbing for a second straight month.
The services PPI measures the average change in prices received by domestic producers.
— Lim Hui Jie
Stocks tick higher on Monday
Here’s how futures opened on Monday night:
- Futures tied to the Dow Jones Industrial Average added 57 points, or 0.1%.
- S&P futures gained 0.2%.
- Nasdaq 100 futures edged up 0.3%
— Pia Singh
