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Amazon last year said it would invest over $5 billion in India, and has recently expanded into online video and grocery shopping, seeking to expand aggressively in a country where a rising middle class is increasingly shopping online. The fundraising also comes amid speculation Flipkart may be interested in a takeover of smaller rival Snapdeal. Local media have reported SoftBank Group is keen to sell its stake in Snapdeal in exchange for a stake in Flipkart. "We are delighted that Tencent, eBay and Microsoft - all innovation powerhouses - have chosen to partner with us on their India journey," Flipkart's founders Sachin Bansal and Binny Bansal said in a statement. "This deal reaffirms our resolve to hasten the transformation of commerce in India through technology." As part of the fundraising, eBay invested $500 million in Flipkart for a stake, according to a separate statement by both companies. In exchange, eBay will merge its India operations with Flipkart. A Flipkart spokeswoman said eBay.in will continue to operate as a "separate business" within the Flipkart group, which includes fashion portals Myntra and Jabong. The company will assess capital requirements across the group and use the new funds to "add value to customers, increase shareholder returns and bring us closer to profitability," the spokeswoman said. Ebay, one of the pioneers of online commerce in India, runs a marketplace selling everything from bed sheets to smartphones but with little marketing and few exclusive launches on its India portal sales have lagged behind Flipkart and Amazon.
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Labour said it was part of the party's plans to rejuvenate the High Street and protect local communities. The Consumers' Association reports that 1,046 local bank branches closed in the UK between December 2015 and January 2017, Labour said. The Conservatives claimed Labour's plans would see corporation tax at 28% and lead to 500bn of extra debt. Labour said it would replace the government's Access to Banking Protocol with legislation to prevent closures. The party said the big four banks made more than 11bn profit from their High Street banks in 2015, and "can afford to provide this vital customer service instead of prioritising cost-saving measures that damage communities and small businesses". Labour points to research that suggests lending to small businesses drops by 63% in areas with recent branch closures, and the loss of a local bank branch significantly diminishes the abilities of deprived communities and households to access even basic financial services. 'Essential public service' Shadow chancellor John McDonnell said: "High Street bank closures have become an epidemic in the last few years, blighting our town centres, hurting particularly elderly and more vulnerable customers, and local small businesses whilst making healthy profits for themselves. "It's time our banks recognise instead that they are a utility providing an essential public service. "Only Labour will put in place the legal obligations needed to bring banks into line and stand up for our High Streets, communities and small businesses." In response, Conservative vice-chairman Stuart Andrew said: "Labour's plan for our High Streets would see corporation tax going back up to 28% and 500bn of extra debt - all under a Labour leader who said that we should not be afraid of debt or borrowing.