Asia, Walmart | featured news

The garment factory in Bangladesh where a weekend fire killed at least 112 people had been making clothes for Wal-Mart without the giant U.S. retailer's knowledge, Wal-Mart said. Wal-Mart said the Tazreen Fashions Ltd. factory was no longer authorized to produce merchandise for Wal-Mart but that a supplier subcontracted work to it "in direct violation of our policies."

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.

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.