Wal-Mart Acquires South Africa’s Market
It was revealed that Wal-Mart has bided to purchase 51% of local retailer Massmart as this will help in increasing their profit in other countries of South Africa(S. A).
The deal has been approved by the Competition Tribunal, but only by imposing some conditions like the purchase after the departments of trade and industry, economic development and agriculture, forestry and fisheries joined proceedings. Government has requested Wal-Mart to include conditions related to local procurement, job losses, labour rights and small-business development.
Peter Draper, a senior research fellow at the South African Institute of International Affairs (Saiia), has reported that the deal has to be viewed by international investors. He has also told that said there was growing business skepticism about the state-driven development and the apparent increasing interventionist attitude towards the foreign direct investment in South Africa.
This year, China has become South Africa's largest trading partner. S. A has exported about R11.7-billion to China, representing a 13.5% share of the country's total exports. The country has exported about R13.5-billion worth of goods to the rest of the continent. However, the trade and industry department statistics shows a 6.5% drop in trade with Africa.
According to sources, it was also revealed that Wal-Mart has started acquiring other parts of South Africa.
Facebook, the most popular social-networking...Read More
Betting big on cruisers, the luxury motorcycle...Read More
Uber Technologies reported lower loss by nearly 9...Read More
The Samsung Galaxy Note 8 is facing an increasingly...Read More
Luxury carmaker BMW’s next-generation M5 car will...Read More
Board members of the bankrupt Energy Future...Read More