{"id":15432,"date":"2012-10-10T05:42:57","date_gmt":"2012-10-10T03:42:57","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/wal-mart-ordered-to-double-s-africa-fund-to-23-mln\/"},"modified":"2012-10-10T05:42:57","modified_gmt":"2012-10-10T03:42:57","slug":"wal-mart-ordered-to-double-s-africa-fund-to-23-mln","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/wal-mart-ordered-to-double-s-africa-fund-to-23-mln\/","title":{"rendered":"Wal-Mart ordered to double S.Africa fund to $23 mln"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Oct 9 (Reuters) &#8211; A South African court on<br \/>\nTuesday ordered the local unit of Wal-Mart to double a<br \/>\nplanned fund for small suppliers to $23 million, ending more<br \/>\nthan a year of legal wrangling over its entry into Africa.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>The Competition Appeal Court ruled that Massmart Holdings<br \/>\n, which is 51 percent owned by the world&#8217;s biggest<br \/>\nretailer, must spend up to 200 million rand ($23 million) on<br \/>\ndeveloping local suppliers over the next five years.<\/p>\n<p><span><\/span><\/p>\n<p>Wal-Mart last year promised to spend 100 million rand on<br \/>\ndeveloping small suppliers as a condition of its $2.4 billion<br \/>\ndeal to buy control of Massmart.<\/p>\n<p><span><\/span><\/p>\n<p>Government and unions had appealed the deal, seeking tougher<br \/>\nconditions.<\/p>\n<p><span><\/span><\/p>\n<p>The Cape Town-based Competition Appeal Court dismissed that<br \/>\nappeal in March and set up a commission &#8211; which included<br \/>\neconomist Joseph Stiglitz &#8211; to study whether the proposed 100<br \/>\nmillion rand fund over three years was enough.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Allowing for inflation and an extension of the period by<br \/>\ntwo further years, 200 million (rand) appears to us to be a<br \/>\nfigure that is sufficient to meet the objectives of the fund,&#8221;<br \/>\nthe court said in its ruling on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>Shares of Massmart finished up 1.9 percent at 167 rand.<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG Oct 9 (Reuters) &#8211; A South African court on Tuesday ordered the local unit of Wal-Mart to double a planned fund for small suppliers to $23 million, ending more than a year of legal wrangling over its entry into Africa. The Competition Appeal Court ruled that Massmart Holdings , which is 51 percent owned [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15432","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15432"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15432\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}