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Latest Business News: Red Tape, Graft Mean India not Such a Super Market for Wal-Mart

Wochit 1:09 mins

Wal-Mart's India expansion is stalled. When India announced last September that it would allow foreign supermarket chains to take majority ownership of their Indian operations, it marked a victory for Wal-Mart Stores Inc (WMT), which had spearheaded efforts to open the market and said its first retail store would open within two years. An appeal for government financial support from China's biggest private shipbuilder presents authorities with some stark choices between protecting a big employer and its jobs or letting the firm go under to ease pressure on a sector suffering from overcapacity and sharply falling new orders. Former Thai prime minister Thaksin Shinawatra is in talks to buy the Bakrie family's 23.8 percent stake in Indonesia-focused coal miner Bumi Plc. The price Thaksin, who was ousted by the army in 2006, would be willing to pay is unclear adding that he had hired UBS.

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