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  • Wal-Mart reportedly will team up with Morgan Stanley Financial Services to issue a new Discover card to Wal-Mart shoppers. The “Wal-Mart Discover” card will have no annual fee, will be usable at all retailers that take the Discover card, and will give back one percent cash back on all purchases at the end of the year.

  • Wal-Mart has been eliminated from the list of potential investors in Daiei, the troubled Japanese retailer that has been looking for companies to aid in its restructuring. The decision to drop Wal-Mart from the list was made by the Industrial Revitalisation Corporation of Japan (IRCJ), which also decided not to allow Ito-Yokado, Japan’s second-largest retailer, from contention.

    Press reports say that Wal-Mart and Ito-Yokado can appeal the decision, and a Wal-Mart spokesman in Japan said that the company remains interested in Daiei. Wal-Mart already owns a percentage of Seiyu, Japan’s fourth largest retailer, with an option to extend its ownership of that company.

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