Indian agency looks at Flipkart practices
Walmart Inc.'s e-commerce subsidiary Flipkart Group is being investigated by India's antitrust agency after a retail trade group accused Flipkart of anti-competitive practices. Amazon.com's Indian operations also are under scrutiny.
The Competition Commission of India issued an order this week based on a review of claims that the two online retailers were promoting "preferred sellers" and their own private labels to the detriment of non-preferred sellers, among other allegations. Investigators have 60 days to submit their report to the commission.
According to the order, the trade group comprises mostly small and medium-sized retailers that sell smartphones and related accessories on Flipkart and Amazon's online marketplaces.
Foreign retailers trying to break into the potentially lucrative Indian market must battle the nation's protectionist regulations. In February, the Indian government issued a mandate enforcing these restrictions, just as Walmart and Amazon were investing heavily in the region.
A Flipkart spokeswoman said Thursday that the company is reviewing the order. "The Flipkart Group is fully compliant with all applicable laws and ... regulations," she said in an emailed statement. Amazon also denies the allegations.
-- Serenah McKay
LR housing agency sets builders lunch
The Metropolitan Housing Alliance will host a construction bid luncheon Jan. 29 for contractors and tradespeople in advance of construction projects with an estimated $70 million price tag.
The luncheon will be held from 11 a.m. to 1 p.m. at the Centre at University Park at 6401 W. 12th St. in Little Rock.
The municipal housing authority provides housing and rental assistance to low-income families.
People attending the luncheon will have the opportunity to learn about on-site requirements, bidding, timelines, scope of work and bonding for the projects.
Redevelopment in Rock Phase Two involves construction at Sunset Terrace, Madison Heights I and II, and the Homes at Granite Mountain public housing developments.
More information can be obtained from www.mhapha.org, or by calling (501) 373-8222.
-- Noel Oman
Arkansas Index up 3.22 at end of day
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 473.51, up 3.22.
"Investor enthusiasm continued following the approval by the U.S. Senate of the USMCA trade agreement as the information technology and industrial sectors outperformed and all S&P sectors showed a positive performance," said Leon Lants, managing director at Stephens Inc. in Little Rock. The USMCA is the United States-Mexico-Canada Agreement.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 01/17/2020
CLARIFICATION: An earlier version of this story has been changed to include new contact information.