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E-COMMERCE | Staff Reporter, Japan
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Weekly News Wrap: Tokyo urges stores to cut hours; Suning mulls selling stake in e-commerce business

And India's stock exchange warns Future Retail retail of action over Amazon dispute disclosures.

From Bloomberg:

The Tokyo Metropolitan Government plans to ask restaurants and other stores to close early as it seeks to combat a surge in coronavirus infections, according to a local media report.

The request will apply from Saturday and will call on establishments to shut at 10 PM for three weeks, local broadcaster TBS reported, citing an unidentified person.

The plans come a day after the largest one-day increase in serious coronavirus cases in the city on record. Severe cases, which the area defines as those on a ventilator or ECMO machine, jumped 24% to a total of 51, the highest level Tokyo has seen since the start of the pandemic. The seven-day average of coronavirus cases in Tokyo has more than doubled over two weeks to more than 400.

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From Bloomberg:

Suning.com, one of the largest retailers in China, is considering selling a stake in its e-commerce business as it aims to ease financing pressures, according to people familiar with the matter.

Suning.com is working with advisers to gauge interest from both strategic and private equity investors, the people said, asking not to be identified as the discussions are private. The company is seeking a valuation of about $6b for the business, though some potential investors approached by Suning.com have put a lower valuation on the unit, the people said.

Discussions are ongoing and the company may decide not to proceed with the plan, the people said. A representative from Suning.com did not respond to requests for comment.

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From Reuters:

India’s National Stock Exchange privately warned Future Retail it risked regulatory action for not making timely market disclosures about efforts by Amazon.com to block a disputed asset sale, according to e-mails reviewed by Reuters.

Future Retail - one of the country’s top retailers - has been locked in a bitter dispute with Amazon over its $3.4b retail assets deal with Reliance Industries. Amazon is a business partner of Future Retail and argues the Indian firm’s asset sale breached some of their pre-existing agreements.

Amazon had complained to stock exchanges, accusing Future Retail of misleading public by making incorrect market disclosures, allegations the Indian group denies.

The complaint came after Amazon on 25 October won an injunction from an arbitrator to halt the Future-Reliance deal.

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