• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Walmart R100m fund not enough - state

Aug 02 2011 10:23 Reuters

Related Articles

African unions team up against Walmart

Expert: Walmart gives SA global reach

Walmart to sell SA hake

SA wants Walmart fund increased - report

Walmart deal hits Massmart profit

Govt doesn't want to block Walmart deal

 

Johannesburg- The government said on Tuesday that Walmart's planned R100m fund to develop local suppliers is not enough to offset the impact of imports on the local economy.

Walmart recently won approval from South Africa's competition regulators to take a control of local retailer Massmart Holdings [JSE:MSM]. As part of that deal, it has agreed to the fund, as well as other conditions.

"A R100m supplier development fund could pale into insignificance given the likely impact of substantial shift to imports by the merged entity," the departments of economic development, trade and industry and agriculture said in a joint statement.

The government wants Walmart to increase the fund to R500m, Business Report newspaper said last week, citing a government source.

Walmart and Massmart have said the current appeals will have no impact their on-going implementation of the transaction.

The deal has been seen as a test for foreign investment in Africa's biggest economy, which is home to both the continent's most developed economy and some of its most militant labour unions.

 
walmart  |  massmart holdings

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
8 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...