Today In Payments Around The World: Flipkart Eyes Possible Traditional US IPO; IMF Bolsters 2021 Growth Forecast
In today’s top payments news around the world, Walmart’s Flipkart is working toward going public, while the International Monetary Fund (IMF) has brightened its global growth forecast. Plus, European Union institutions reportedly recently faced a cyberattack.
Walmart’s Flipkart is working toward becoming a public company, which could occur in the fourth quarter of 2021 and value the firm at $35 billion. Walmart has formed an initial public offering (IPO) workforce internally and is leaning toward having Flipkart’s public offering in the U.S., according to unnamed sources in a published report. India-based Flipkart was established in 2007, and Walmart later purchased the firm in 2018. The IPO talks are continuing and could change, while Flipkart could end up selecting a location beyond the United States.
The IMF raised its outlook for global growth this year to 6 percent, which is up 0.5 percentage points from the 5.5 percent growth outlook the IMF provided in January. The IMF also heightened its outlook for global growth next year, boosting it from 4.2 percent to 4.4 percent year over year. The outlooks are included in the April edition of the IMF’s Word Economic Outlook report. However, the report makes note that “economic recoveries are diverging across countries and sectors, reflecting variation in pandemic-induced disruptions and the extent of policy support.”
Multiple EU institutions, including the European Commission, were reportedly the subject of a cyberattack last week. The news of the EU attack comes on the heels of reports of other cyberattacks. In March, the European Banking Authority said that its infrastructure might have been comprised in an attack on Microsoft email technology that came out of China and exposed tens of thousands of organizations. The news comes as the pandemic has exacerbated conditions that make organizations susceptible to cybercrime.