ADVFN - Advanced Financial Network.
HOME» NYSE » W » WMT Stock Price » WMT Stock News

Wal Mart Stores Share News

 Wal-mart Stores, Inc. Stock Price
WMT Stock Price
 Wal-mart Stores, Inc. Stock Chart
WMT Stock Chart
 Wal-mart Stores, Inc. Stock News
WMT Stock News
 Wal-mart Stores, Inc. Company Information
WMT Company Information
 Wal-mart Stores, Inc. Stock Trades
WMT Stock Trades

Wal-Mart, Massmart Urged to Help Local Suppliers

-- Report recommends up to ZAR2 billion fund to aid suppliers believed at risk from cheap imports -- Separate report from divided panel recommends focus on few specific sectors JOHANNESBURG--The Wal-Mart Stores Inc. (WMT) and South African retailer Massmart Holdings Ltd. (MSM.JO) merged entity should pay more to support local suppliers, possibly up to 2 billion rand ($239.1 million), says a report produced by Nobel laureate Joseph Stiglitz. To enhance local suppliers' capacity and job creation, the two companies should develop a fund that would spend between ZAR500 million to ZAR2 billion over the next five to 10 years, says the report, seen by Dow Jones Newswires and co-authored by Mr. Stiglitz and Genesis Analytics economist James Hodge. Last year, South Africa's competition authorities approved Wal-Mart's $2.4 billion bid to buy a majority stake in Massmart. The deal closed in 2011 but three government bodies and a local union appealed the decision, arguing that not enough had been done to protect local manufacturers and suppliers, which they believed were at risk of closing down if Wal-Mart increased cheaper imports. When competition authorities signed off on the Wal-Mart and Massmart merger last year they did so with a few caveats. The companies agreed not to cut any job for the first two years, honor union bargaining agreements for three years and invest ZAR100 million in a supply-chain training program to improve the competitiveness of local industry. In March, the competition appeals court said there was "insufficient evidence" that the merger would harm public interests enough to overturn the approval but ordered a three-person panel to be formed with a representative selected by the merged parties, the government and union to put forward recommendations on how the fund should be run. Over the weekend, the panel submitted its report, but in a sign of tension between the parties, the Massmart and Wal-Mart appointee to the committee, University of Cape Town professor Mike Morris, opted to write his own report due to disagreements on content. Mr. Morris recommended a fund that would be focused on a few specific sectors with a large number of small to medium sized businesses that could benefit from the fund and provide niche products to the retailers. His report didn't reject the initial ZAR100 million rand figure as too small. A spokesman for Massmart and Wal-Mart said the companies' lawyers are reviewing the report and will lodge a written response to the appeal court which will then take into account all the information before making a final decision. The Stiglitz-Hodge report also noted with concern the recent story from the New York Times about Wal-Mart's activities in Mexico and said while it was outside their remit it "seems to demonstrate deficiencies in Wal-Mart's internal structures." Write to Devon Maylie at devon.maylie@dowjones.com

Stock News for Wal Mart Stores (WMT)
DateTimeHeadline
04/28/201606:00:00Sam’s Club Giving Awards $8.8 Million in Grants to Help Small B...
04/26/201618:30:00Weak Peso Boosts Wal-Mart de Mexico Profits
04/26/201605:59:00Where Wal-Mart and Philanthropy Mix
04/25/201615:37:00Keller Rohrback L.L.P. Files Lawsuit against Kraft Heinz Foods...
04/25/201614:10:00Wal-Mart to Drop Wild Oats Organic Food Brand
04/25/201614:02:00Wal-Mart to Drop Wild Oats Organic Food Brand -- Sources
04/20/201619:38:00Wal-Mart to Revamp Board -- Update
04/20/201618:30:00Wal-Mart to Revamp Board
04/20/201618:28:00Wal-Mart to Revamp Board -- Update
04/20/201618:23:00Wal-Mart to Revamp Board
04/20/201617:16:00Walmart Positions Board of Directors for the Future
04/20/201617:15:00Walmart Releases 2016 Annual Shareholders’ Meeting Materials
04/20/201617:12:55Additional Proxy Soliciting Materials (definitive) (defa14a)
04/20/201617:10:46Additional Proxy Soliciting Materials (definitive) (defa14a)
04/20/201617:09:26Additional Proxy Soliciting Materials (definitive) (defa14a)
04/20/201617:09:00Proxy Statement (definitive) (def 14a)
04/19/201609:58:00Correction to Visa Chip Cards Article
04/19/201608:30:00Visa, Wal-Mart Move to Cut Checkout Time
04/19/201607:29:00Visa, Wal-Mart Move to Speed Checkout for Customers With Chip-Enabled...
04/19/201603:04:00Business Watch -- WSJ

Wal Mart Stores and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad