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• The Wall Street Journal this morning reports that India's Finance Ministry has cleared Walmart of charges that it "illegally put money into a local supermarket chain despite a ban on foreign direct investment in the sector."

According to the story, "the decision removes one thorn in Wal-Mart's side as it looks for ways to expand its presence in India, the world's second-most populous country and one which has a growing urban middle-class with money to spend." However, Walmart still is calculating what its best next moves should be in India, having announced a week ago that it would bail out of its joint venture with Bharti Enterprises there. Walmart, for the time being, only will focus on wholesale operations in India.

• Walmart said yesterday that it will invest $450 million in its business in Brazil, where it will "shut some small and medium-sized stores while opening 22 new ones and revamping 40 others."
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