Report: Indian Reserve Bank to rule on Wal-Mart probe
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Bentonville, Ark. – The Indian central bank is reportedly reviewing findings of an investigation into whether Wal-Mart Stores broke that country’s investment rules in 2010. According to Reuters, in 2012 the Indian Reserve Bank asked the country’s finance ministry to investigate a $100 million investment Wal-Mart made into an Indian consulting firm that is involved in operating supermarkets.
At the time of the investment, foreign companies were not allowed to hold a controlling interest in Indian supermarkets. The finance ministry has now reportedly completed its investigation and referred its findings to the Indian Reserve Bank to make a final ruling.
A Wal-Mart spokesperson said the company has not seen results of the investigation and cannot comment, while the Indian Reserve Bank also declined comment in the article. Wal-Mart says it has complied and will comply with all Indian investment regulations. India has allowed foreign companies to take majority ownership of supermarkets there since September 2012.
Safeway increases stock buyback by $2 billion
Pleasanton, Calif. – The board of directors of Safeway Inc. has increased the authorized level of the company’s stock repurchase program by $2 billion. Through the end of the third quarter of 2013, Safeway had approximately $800 million remaining under its previously authorized stock repurchase program.
Safeway’s stock repurchase authorization does not have an expiration date, and the timing of repurchases will depend on market conditions. Stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. The stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.
Safeway recently reported weaker-than-expected quarterly earnings but beat forecasts for quarterly sales and also said it would exit the Chicago market.
This Is Retail: OpenSky CEO John Caplan
Open Sky CEO John Caplan and his team at the social-based e-commerce platform are reinventing retail and what a career in the industry looks like in the digital age.
Caplan and members of his senior leadership team shared their views on the Open Sky model, the changing consumer and what it means to work in retail recently as part of the National Retail Federation’s This Is Retail initiative. NRF launch the program to highlight the industry’s opportunities for life-long careers, showcase how retailers strengthen communities and the role the industry plays in driving innovation. Click here for Caplan’s perspective.