Asia, Retail | featured news

Survivors from a building that collapsed in Bangladesh killing at least 187 mainly women workers described hearing a deafening crack before the complex housing factories supplying Western clothes retailers crashed down in a matter of seconds.

The Indian joint venture of Wal-Mart Stores Inc has suspended its chief financial officer and other employees as it investigates alleged violations of U.S. anti-bribery laws, a development that could hamper India's efforts to open its domestic supermarket sector to foreign investment.

Wal-Mart Stores will in the next 45-60 days apply for the Indian government's permission to set up stores in the country, a spokeswoman for the U.S retail company's local joint venture said.

On Friday, the government finally cleared a controversial plan to open up its lucrative retail sector to global supermarket chains in an effort to revive a flagging economy. There has been a massive political kerfuffle over how the supposed invasion of global chains will destroy India's fabled "mom-and-pop" stores, which have a stranglehold on the retail market.

India ushered in the biggest economic reforms in two decades on Friday, allowing big foreign retailers like Walmart, foreign broadcasters and foreign airlines to invest in the country, among other reforms.

BEIJING (Reuters) - China's economy stuttered unexpectedly in April with lower than expected output data, softening retail sales and easing prices suggesting economic headwinds might be stiffer than thought, requiring more robust policy responses to counter them.

At first, it looks like a sleek Apple store. Sales assistants in blue T-shirts with the company's logo chat to customers. Signs advertising the iPad 2 hang from the white walls. Outside, the famous logo sits next to the words "Apple Store."...