4:55 P.M.

Amazon plans to open large physical retail stores in U.S.

Amazon.com Inc is planning to open several large physical retail stores in the United States that would operate like department stores, the Wall Street Journal reported.

4:38 P.M.

Xiaomi in talks with China Evergrande to buy its EV unit stake

Embattled Chinese property developer Evergrande Group is in talks with smartphone maker Xiaomi and Shenzhen state-backed investment firms as it looks to sell part of a 65% stake in its electric vehicle (EV) unit, Reuters reported.

The Evergrande New Energy Vehicle (NEV) Group had a market capitalisation of $12.5 billion on Thursday. Smartphone maker Xiaomi has been ramping up investments in EV suppliers after it unveiled its EV ambition with an investment of $10 billion in March.

4:29 P.M.

India’s MRPL shuts 60,000 bpd crude unit for 35 days

India’s Mangalore Refinery and Petrochemicals Ltd has shut a 60,000 barrels per day (bpd) crude…

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