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Showing posts from December 18, 2013

Tesco to enter Indian retail space through joint venture with Tatas

To be the first foreign multi-brand chain to enter the country's market

BS Reporters | New Delhi/Mumbai 

December 18, 2013 Last Updated at 00:58 IST

Ministers often sound optimistic even when there are no obvious reasons. 

So, when Commerce & Industry Minister Anand Sharma told a reporter on Monday that the first application from a foreign multi-brand retailing entity would come by the end of this month, there was an air of suspicion, as most experts had ruled out any investment in this sector until after the 2014 elections.

However, Tesco Plc, the British multinational grocery & general merchandise retailer, sprang a surprise on Tuesday by announcing its intention to be the first foreign multi-brand chain to enter the Indian market, a little over a year after the country’s policy on foreign direct investment (FDI) in the segment was relaxed.

Extending its back-end and wholesale support franchise agreement with the Tata Group’s Trent, Tesco will invest $110 million (Rs 680 cro…


Bitcoin Crashes After China Bans New Deposits; PBOC Gets DDOSed In Retaliation

Submitted by Tyler Durden on 12/18/2013 07:43 -0500

Yesterday it was the US Treasury's Financial Crimes Enforcement Network that tightened its grip on businesses that accept Bitcoin. 

Today, it is China, where the world's largest Bitcoin exchange by trading volume, BTCChina announced that he had received word from "above" that his platform would no longer be able to accept renminbi from BTC buyers. 

"As of right now, we have received notice from our third-party payment company that they will disallow customers from making deposits into our exchange," Bobby Lee, a former Yahoo developer who co-founded BTCChina this year, told the Financial Times. 

The result, not surprisingly, is an overnight crash in BTC, which crashed by 50% from $900 two days ago to just $455 hours ago.

More from the FT:

With its booming market for commerce, China had been seen by Bitcoin enthusiasts as fertile groun…