Amazon.com Inc has invested 7 billion rupees

Markets summary

The Maltese market closed in the green on Thursday, with the MSE total index ending the session 0.204% higher to 7,196.556 points. The best performer was Bank of Valletta plc with a 1.40% surge, to close at 0.872, followed by 1.33% jump of HSBC Bank Malta plc with a closing price of 0.76. RS2 Software plc also closed in green by adding 0.91% to 2.22. The biggest and only one fall was seen from Medserv plc with a drop of 21.95% to close at 0.48.

Stocks in Europe all finished in positive territory on Thursday alongside another session of strong gains for Wall Street on the back of hopes for further fiscal stimulus. The pan-European Stoxx 600 advanced 0.78% to 368.31, alongside a jump of 0.88% to 13,042.21 for the German Dax while the FTSE Mibtel was up by 0.76% to 19,582.43.

U.S. stocks ended higher on Thursday as comments by U.S. President Donald Trump fuelled hopes of fresh fiscal support, while data underscored the view that the labour market recovery was struggling to gain momentum. The Dow Jones Industrial Average rose 0.43%, to 28,425.77, the S&P 500 gained 0.80%, to 3,446.86 and the Nasdaq Composite added 0.5%, to 11,420.98.

Amazon has invested 7 billion rupees ($95.51 million) in its Indian payments unit

Amazon will start selling during the holiday season on October 17 and has tried to encourage payments through Amazon Pay with cashbacks and other rewards.

Both Amazon and Flipkart are offering deep discounts on everything from clothing, smartphones to home appliances ahead of major Hindu festivals of Dussehra and Diwali.

In July, Amazon.com, led by Jeff Bezos, had invested 23.10 billion rupees in Amazon Seller Services and early this year announced a $ 1 billion investment to bring more than 10 million small businesses online in India by 2025.

Amazon, billionaire Mukesh Ambani-led Reliance Industries RELI.NS and Walmart Inc’s WMT.N Flipkart are in a race to gain market share in India’s burgeoning online food and grocery market.

Meanwhile, Amazon.com Inc sent a legal notice to Future Group this week, alleging that the sale of $ 3.38 billion assets to Reliance violated an agreement with the e-commerce giant.

This article was issued by Nadiia Grech, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.