Li & Fung outlines new sourcing arrangement with Wal-Mart
HONG KONG (Reuters) - Global supply chain manager Li & Fung Ltd (0494.HK) on Thursday outlined a new sourcing arrangement between its unit, Direct Sourcing Group Pte Ltd, and Wal-Mart Stores Inc (WMT.N) that supersedes the previous buying deals made in January 2010.
Under the new arrangement, Wal-Mart's option to purchase all of the shares of Direct Sourcing was terminated and Direct Sourcing will continue as the primary direct resource for the U.S. company's unit Sam's Club, Li & Fung said in a filing to the Hong Kong bourse.
"The move to a supplier relationship will allow the group to provide Walmart International markets with design, replenishment and other services that could not be provided as a buying agent," it added.
For statement clicks here
(Reporting by Donny Kwok; Editing by Anne Marie Roantree)
SYDNEY - Asian shares were mostly under water on Friday after a sudden slump on Wall Street spilled over globally, though a surprisingly strong pick up in manufacturing helped Chinese markets hold at seven-month highs.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.