SoftBank-backed Snapdeal in deal talks with rivals Flipkart, Paytm

Indian online marketplace Snapdeal is in talks with domestic rivals Paytm E-Commerce Pvt Ltd and Flipkart for a potential sale, Indian daily business newspaper Mint reported on Wednesday, citing sources.However, a Snapdeal spokesperson denied the report of sale talks with Paytm and Flipkart, according to the newspaper.

Softbank is expected to inject up to USD 50 million in bridge financing until a deal is finalised, the newspaper reported. Snapdeal, Flipkart and Paytm were not immediately available for comment after regular business hours in India.
In a bid to turn a profit in the intensely competitive market, which is dominated by homegrown Flipkart and U.S. internet giant Amazon, Snapdeal said last month that it would lay off 600 employees and its founders would forego their salaries.
Snapdeal reported a loss of 29.6 billion rupees (USD 14.93 million) in the financial year to March 31, 2016, according to regulatory filings.


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Gold climbs to near 3-week high as dollar slides

www.marketmagnify.comGold rallied to the highest level in nearly three weeks on Tuesday after a strong debate performance from French centrist presidential candidate Emmanuel Macron and as fading expectations for near-term U.S. interest rate hikes pushed the dollar lower.

The U.S. dollar index fell to a six-week low while 10-year Treasury yields and U.S. and European shares also dropped, helping to bolster gold.

Spot gold was up 0.9 % at $1,244.48 an ounce by 2:50 p.m. EDT (1850 GMT), just off the session high of $1,247.60, its highest level since March 2. U.S. gold futures for April delivery settled up 1 % at $1,246.50.

Holdings of the largest gold-backed exchange traded fund, New York-listed SPDR Gold Shares , declined for a third straight day on Monday.