The Fed has raised its benchmark overnight interest rate for the first time since February.The Bank of England's decision comes at a time when investors are hoping for an easing in monetary policy, and the central bank's rate remains steady despite rising inflation.The dollar has gained as much as 3% against the yen in the past week.The benchmark 10-year yield climbed to 2.79% after falling below ...
India’s Snapdeal, the country’s biggest e-commerce firm, is selling its Instagram account for $1 billion to India’s biggest online retailer Flipkart.
India’s SnapDeal, the nation’s largest e-tailer, is looking to boost its presence in the world’s largest smartphone market with a new deal to buy Instagram for about $2 billion.
The acquisition comes as Snapdeal’s revenue has stagnated at around $400 million for the last two years, and it has struggled to capture an audience with high-end smartphones like the iPhone 7.
Its revenue fell to $6.3 billion last year.
Snapdeal has faced a barrage of competition, including from Amazon.com Inc., eBay Inc., Facebook Inc., Uber Technologies Inc., Netflix Inc. and Amazon’s own WhatsApp.