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Walmart rips up China online strategy, starts again with stake in Alibaba rival Walmart   Stores Inc has sold its Chinese   online   grocery store in return for a stake in the country's no. 2   e-commerce   firm, ripping up its previous strategy in efforts to cure ailing sales in one of the world's toughest retail markets. The deal will see the US grocery giant swap its Yihaodian platform for a 5% stake in Inc, worth about $1.5 billion by the firm's latest market value. The move also gives Walmart a ringside seat in bitter rivalry with Chinese e-commerce leader   Alibaba   Group Holding Ltd. The sell-off, announced on Monday, is a significant shift for Walmart in China, where it operates more than 400 bricks-and-mortar stores. The firm has been shuttering underperforming outlets and grappling with soft online sales in the world's second-biggest economy since it bought full control of Yihaodian in July last year, saying the site would play a l...

Asia's oil markets are being upended as India's and China's refiners overtake once-dominant buyers likeJapan and challenge the United States as the world's biggest consumer. The shifts are not only establishing new trade routes but are also challenging the way oil is priced in the region as the new players push for more cash cargoes and fewer long-term deals. Read Full Article Over Here :  Business Standard News Read more from our special coverage on "OIL" Oil falls as OPEC squabbles over output targets, crude stocks swell Dont reimpose customs duty on crude: Oil firms Oil prices stabilise on lower US rig count, but global glut still weighs Oil story: theres a new world order to talk about at the Davos of energy Saudi, Iraq sell more oil to India, elbow out Latin America crudes