South Africa Approves Walmart Bid for Massmart

South African regulators have approved Walmarts $2.4 billion bid for a controlling stake in local retailer Massmart.

As part of the approval, South Africas Competition Tribunal said the merged companies cannot cut jobs at Massmart for two years. They also must honor Massmarts existing labor agreements for at least three years.

Walmart is based in the United States and is the worlds largest retailer, operating more than 8,000 stores.

Walmart and Massmart have promised to invest $15 million over three years to develop South African supply companies.

Some government and union leaders expressed concern that Walmart could bring an influx of cheap products, hurt local jobs and squeeze out local suppliers.

Walmarts bid for Massmart is seen as a bid to tap into Africas emerging markets.


Comments

Post a Comment

Popular posts from this blog

365Indonesia Day 26 Snorkeling and Diving Spot at Kambing Island, Tanjung Bira, South Sulawesi

Image
Hello again from Tanjung Bira! This is the third post about Tanjung Bira. Im pretty sure that you will never get bored to visit a beautiful place like this. At least, I know I wont. The picture above is the best diving spot in Tanjung Bira, Kambing Island. If you can see shark around Kambing island, then you must be the lucky one. Here some under water photos in Kambing island. Beautiful isnt it? I bet you want to really go to Tanjung Bira now. second and third photos taken from www.birabeachhotel.com Regards Mad Check my blog travel Mad Alkatiri for more cool places and follow me @madalkatiri
Keep reading

61st Carlos Palanca Memorial Awards

Image
By BEA CUPIN The novel is alive and well in the Philippines, just going by the record number of entries that vied for The Carlos Palanca Memorial Award Grand Prize for the Novel. An Ateneo faculty member won in the Filipino division, while a San Diego-based writer got the award in English, the Palanca awards organizers announced Thursday. The Palanca Memorial Awards are considered the nations most prestigious prizes for writing and are given annually in a broad range of categories. But the awards for the novel are given only every three years. From a pool of 57 manuscripts, 84 percent more than the number of novels submitted in 2008, emerged the two winners: Ateneo de Manila University faculty member Allan Alberto N. Derain won The Carlos Palanca Memorial Award Grand Prize for the Novel in Filipino for his Ang Banal na Aklat ng Kumag. San Diego-based writer and former University of the Philippines (Diliman) faculty member Maria Victoria Marivi Soliven Blanco won for her entry In the ...
Keep reading

Pinoy photographers to hold Mount Pinatubo exhibit in US

Image
A group of Filipino photojournalists, who covered and survived the eruption of Mount Pinatubo in 1991, will hold in San Francisco in the United States a Mount Pinatubo@20 Photo Exhibit or 20 years after what was called the volcanic eruption of the century. Organized by the Philippine American Press Club-USA and Philippine News, Americas oldest Filipino-American newspaper, the exhibit will be staged for two days October 11 and 12 at the Social Hall of the Philippine Consulate at 447 Sutter Street San Francisco, CA 94108. Organized by former Manila Bulletin photographer Nick Sagmit and former Times Journal photojournalist Ed Galvez, the exhibit will feature photographs during and after the eruption on June 15, 1991. The featured photos include the award-winning shot of Albert Garcia, whose escape from blazing hot pyroclastic explosion picture won first prize in the nature category of the World Press Photographers photo contest. It was also chosen as one of Time Magazines Greatest Image...
Keep reading