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Wal Mart Stores Inc (WMT.N)

WMT.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Wal-Mart Stores Inc - Chile regulator accuses Cencosud, Wal-Mart, SMU of price-fixing - Reuters
Wednesday, 6 Jan 2016 01:56pm EST 

Wal-Mart Stores Inc:Chile's competition regulator on Wednesday accused supermarket chains Cencosud CEN.SN and SMU SMU.SN and the local unit of Wal-Mart Stores Inc WMT.N of participating in a price-fixing scheme involving fresh chicken. - RTRS.It was the second time in three months that the regulator, FNE, said it had uncovered a price-fixing scheme affecting consumers, and a member of the Christian Democrat party, part of the ruling Nueva Mayoria political coalition, said such behavior must be punishable with jail time - RTRS.The FNE said it is looking to fine each company $22.9 million for their alleged participation in the scheme - RTRS.The FNE said the supermarket chains "knowingly adhered to a common scheme that replaced the risks of competition with shared practical cooperation in order to regulate the market and avoid price wars." - RTRS.It accuses the supermarket chains of "having participated in an agreement to fix, through their suppliers, a minimum selling price for fresh chicken, at least between 2008 and 2011, restricting competition in this market." - RTRS.At the end of 2011, Cencosud, SMU and Wal-Mart had a 92.5 percent market share of Chile's supermarket sector, the FNE noted - RTRS."The way to dissuade these types of behaviors is through a mix of increasing fines and establishing effective jail time for those who commit these crimes, which is something we don't have now," said Senator Jorge Pizarro of the center Christian Democrat party. - RTRS.  Full Article

Wal-Mart Stores Inc supplier recalls 90,000 lbs of potentially contaminated meat - Reuters
Tuesday, 5 Jan 2016 04:38pm EST 

Wal-Mart Stores Inc:A supplier to Wal-Mart Stores Inc WMT.N, the world's largest retailer, has recalled about 90,000 pounds of beef products that may be "contaminated with extraneous wood materials", the U.S. Agriculture Department said in a release on its website - RTRS.The recall involves Sam's Choice Black Angus Vidalia Onion brand beef patties supplied by the Minnesota-based Huisken Meat Company, according to the release dated Monday. Sam's Choice products are sold exclusively in Wal-Mart stores. - RTRS.There have been no confirmed reports of illness from consuming the product, according to the release. - RTRS.Wal-Mart has told its stores to pull and destroy the product, a company spokesman said, adding that customers who had purchased the item could return it for a refund - RTRS.The recalled items were produced between Nov. 19, 2015 and Dec. 9, 2015 with use-by dates in May and June of 2016. - RTRS.  Full Article

Wal-Mart Stores Inc - U.S. probe of Wal Mart-finds possible misconduct in Brazil- WSJ, citing sources - Reuters
Tuesday, 24 Nov 2015 04:54pm EST 

Wal-Mart Stores Inc:A U.S. investigation into potential foreign bribery by Wal-Mart Stores Inc. has unearthed evidence of possible misconduct by the retailer in Brazil - WSJ.after investigators found little to support the sweeping allegations involving Mexico that initially prompted the probe, according to documents and people familiar with the matter - WSJ.Federal prosecutors are examining $500,000 in payments that they believe ultimately went to an individual - WSJ.  Full Article

Wal Mart Stores Inc workers group plans 15-day protest leading to Black Friday - Reuters
Thursday, 12 Nov 2015 03:18pm EST 

Wal Mart Stores Inc:A Wal-Mart Stores Inc worker group that has pushed the retailer to raise pay and benefits is launching a 15-day protest leading up to Black Friday to rekindle the fight for a $15 per hour minimum wage and more opportunities to work full time - RTRS.The retailer has been a major target of the national movement to increase wages, and its decision earlier this year to raise wages to $9 an hour has rippled through the retail industry - RTRS.Walmart has said the wage increase was not a response to the protests but an effort to improve conditions - RTRS.The new protest will test the organizing abilities of workers since OUR Walmart, the Organization United for Respect at Walmart, split in two in September - RTRS.The group organizing the protests ahead of Black Friday, traditionally the biggest shopping day in the United States, is led by a former United Food and Commercial Workers International Union employee but no longer has the union's financial backing - RTRS.Roughly 1,000 people across all 50 states will participate, and more than 100 workers will fast and organize outside stores, offices and executive homes, according to the group, which has led nation-wide protests on Black Friday in previous years - RTRS.The company said last month that raising worker wages would hurt profits, contributing to three-quarters of an expected 6 percent to 12 percent drop in earnings per share next year - RTRS.  Full Article

Wal-Mart Stores Inc - India's Central Vigilance Commission summons top Walmart India official - Hindustan Times - Reuters
Tuesday, 3 Nov 2015 12:13pm EST 

Wal-Mart Stores Inc:The Central Vigilance Commission (CVC) has summoned a top official of Walmart India in relation to an alleged bribery case involving the company. The company has been asked to give its response by November 15, TM Bhasin, vigilance commissioner, told HT - Hindustan Times.Walmart will be the CVC’s first case involving a private company - Hindustan Times.The anti-graft watchdog has decided to extend the ambit of investigation to the private sector as well in cases where there are alleged links with government bodies, departments or public sector undertakings - Hindustan Times.According to reports, Walmart allegedly paid huge bribes to several officials to facilitate movement goods through customs - Hindustan Times.  Full Article

U.S. ends probe of Wal Mart Stores Inc on 'Made in USA' logo - Reuters
Monday, 19 Oct 2015 08:00pm EDT 

Wal Mart Stores Inc:The Federal Trade Commission, which enforces U.S. laws against deceptive ads, said Tuesday that it had closed a probe of Wal-Mart Stores Inc after the company addressed the problem of products advertised as "Made in USA" when they were not - RTRS.The FTC closed the probe without action after Wal-Mart dropped all "Made in USA" logos from products on its website, the FTC said in a letter to the company that was posted on the agency's website - RTRS.Wal-Mart has since redesigned its "Made in USA" logos for some products to better indicate how much of the product was made domestically and how much was made overseas, the FTC noted in its letter - RTRS."Based on your actions and other factors, the staff has decided not to pursue this investigation any further," FTC staff attorney Julia Solomon Ensor wrote in the letter - RTRS.The problem arose as Wal-Mart sought to fulfill a pledge made in 2013 to buy an extra $250 billion in U.S.-made goods over a decade to support U.S. manufacturing jobs - RTRS.The world’s largest retailer by revenue has faced criticism by unions and others that its low-cost business model was a big factor in pushing manufacturing jobs offshore - RTRS.The watchdog group Truth in Advertising found 100 instances of mislabeled products in June and raised them with the company. They found another 100 in July and took the information to the FTC, said legal director Laura Smith - RTRS.  Full Article

Wal-Mart Stores Inc bribery probe finds few major offenses in Mexico-WSJ - Reuters
Sunday, 18 Oct 2015 08:00pm EDT 

Wal-Mart Stores Inc:A federal probe into allegations of corruption at Wal-Mart Stores Inc's Mexico operations has found few major offenses, and is likely to result in a much smaller case than investigators expected, the Wall Street Journal reported, citing people familiar with the situation -RTRS.The 3 year investigation is mostly complete and the case could be resolved with a fine and without any criminal charges, the newspaper said -RTRS.As part of the same probe, investigators found evidence of bribery in India, centering on widespread but relatively small payments made to local officials, the Journal said -RTRS.Wal-Mart is likely to face U.S. foreign-bribery charges under the Foreign Corrupt Practices Act over those payments, the newspaper said -RTRS.Wal-Mart spokesman Greg Hitt said the company was cooperating with the government on the matter. A Justice Department spokeswoman declined to comment on the status of the investigation -RTRS.US lawmakers launched an investigation after the New York Times reported in 2012 that Wal-Mart de Mexico (Walmex) had engaged in a multi-year campaign of bribery to build its business -RTRS.According to the Times, Wal-Mart sent investigators to Mexico City and found a paper trail of suspect payments totaling more than $24 mln -RTRS.After the NYT report in April 2012, Wal-Mart had lost $10 bln of its market value on concerns that the bribery investigation in Mexico could be very costly and hinder its plans to grow -RTRS.  Full Article

Wal-Mart Stores, Inc announces CFO change
Friday, 9 Oct 2015 09:19am EDT 

Wal-Mart Stores, Inc:Says Brett Biggs will succeed Charles Holley, who has elected to retire as CFO.Says change will be effective Dec. 31 and Holley will stay on until Jan. 31, 2016, to help with the transition.  Full Article

Wal Mart Stores Inc cuts 450 jobs in Arkansas to be 'more nimble'-memo - Reuters
Thursday, 1 Oct 2015 08:00pm EDT 

Wal Mart Stores Inc:Wal-Mart Stores Inc is cutting 450 jobs at its headquarters in Arkansas as part of a reorganization of the retailer's management structure, according to an internal memo circulated to staff on Friday - Reuters.The downsizing represents a small proportion of more than 18,000 staff at the Bentonville, Arkansas office, but fits in with a streamlining effort recently flagged by McMillon, who took the helm at the retailer 18 months ago - Reuters.There had been speculation about layoffs in Bentonville for weeks, fueled in part by local media reports - Reuters.  Full Article

Wal-Mart Stores Inc to cut hundreds of jobs at headquarters -sources - Reuters
Tuesday, 29 Sep 2015 08:00pm EDT 

Wal-Mart Stores Inc:Wal-Mart Stores Inc is planning to lay off hundreds of people at its headquarters in Arkansas as part of the retail giant's efforts to pare costs, people familiar with the matter said - Reuters.Fewer than 500 employees are expected to lose their jobs and an announcement could be made as early as this Friday, according to one of sources, who declined to be named because the move had not been made public - Reuters.Wal-Mart declined to comment. News of the impending cuts was reported earlier on Wednesday by the Wall Street Journal - Reuters.Speculation of job losses has percolated in Bentonville for several weeks, fuelled in part by reports on the matter by local media outlet City Wire - Reuters.  Full Article

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Wal-Mart beats shareholder appeal in Mexico bribery lawsuit

Wal-Mart Stores Inc executives and directors persuaded a federal appeals court on Friday to reject shareholder claims that they permitted and then covered up pervasive bribery by officials at the world's largest retailer's Mexico unit.