A leading opposition politician threatened yesterday to set fire to any Wal-Mart store that opens in India after the government cleared a contentious plan to let global supermarkets set up shop.
The government announced on Thursday it would open up the long-protected retail sector, worth at least $470 billion in annual sales, to allow Wal-Mart, Tesco and other global firms to hold a 51-per cent stake in multi-brand retailers.
“By allowing Wal-Mart to directly invest in the retail sector, the government has jeopardised the job opportunities of the poor,” Uma Bharti, a prominent member of the main opposition Bharatiya Janata Party (BJP), said.
Black Friday frenzy in US
US crowds scrambled for cheap deals, one Wal-Mart customer even pepper spraying rival shoppers, in an annual Black Friday sales ritual closely watched for signs of economic recovery.
With doorbuster bargains online and in malls across the country, Black Friday marks the formal start to the end-of-year shopping season relied on by many retailers.
The customary frenzy by shoppers at discount giant Wal-Mart got out of hand in a Los Angeles area outlet where a woman engaged in competitive shopping used pepper spray against at least 10 people, Los Angeles police said.
There were also US media reports of shootings and robberies at other Wal-Marts in California, Florida and South Carolina.
Is Hungary in crisis now?
Hungary grappled yesterday with a downgrade of its credit rating to junk bond status and sharp criticism of its economic polices, pushing it further into crisis. Late on Thursday, Moody’s rating agency downgraded the country’s sovereign debt to non-investment grade for the first time in 15 years, sending the forint crashing to 317.25 against the euro, near its all-time low.
Meanwhile, Standard & Poor’s said yesterday it was lowering Belgium’s credit rating by one notch to AA.
Aussie boy jailed in Bali
An Indonesian court yesterday sentenced a 14-year-old Australian boy to two months in jail on the island of Bali for possession of marijuana.
The boy, who wore a cbalaclava to hide his identity, will be freed on December 4 after the court ruled the nearly eight weeks he has already spent in jail should be counted against the sentence.
The teenager bowed his head as judge Amser Simanjuntak pronounced sentence at Denpasar district court.