Content about Economy of Europe

New York -- Carrefour SA said Friday it will sell its Greek supermarket business to its local partner and exit the country, the Wall Street Journal reported.

The French retailer said it would sell its 50% stake in the chain to its local partner, the Marinopoulos family, for an undisclosed amount and will take a mostly noncash charge of €220 million ($277.9 million), the report said.

Carrefour’s announcement comes two days before elections that could prove key as to whether Greece decides to stays in the euro zone.

Paris -- A Thursday report by the Wall Street Journal said that French retailer Carrefour SA may hire French apparel group chief Georges Plassat to replace current CEO Lars Olofsson. WSJ cited unnamed sources close to the situation.

According to the report, Plassat could replace Olofsson as early as next week.

Plassat is head of Vivarte SA, in which he is also a shareholder.

Carrefour and Vivarte have not commented on the matter.

New York City -- Carrefour SA said Tuesday that it is not in discussions to sell its Brazilian unit to Wal-Mart Stores.

Newspaper Valor Economico had reported that the U.S. retailer was in discussions with Carrefour to acquire the French retailer’s Brazilian unit. The acquisition would have made Wal-Mart the largest retailer in Brazil after the acquisition. 
 

Paris -- The Carrefour SA board of directors on Tuesday approved a plan for its CEO Lars Olofsson to also assume the role of chairman. According to a report by the Wall Street Journal, Olofsson will take over as current chairman Amaury de Seze announced Tuesday that he would step down.

"The time has come to reunite the two functions," De Seze said. He will remain on Carrefour's board.

Beijing -- China said Wednesday it is fining Wal-Mart and Carrefour stores up to $75,900 for overpricing, expressing concerns about price inflation ahead of the impending Lunar New Year holiday.

A statement posted Wednesday on the National Development and Reform Commission website listed about a dozen stores across the country that engaged in overpricing, noting high charges on items ranging from underwear to dumpling powder.

Paris ( July 15, 2010 ) Carrefour SA, the world’s second-largest retailer behind Wal-Mart Stores, said Thursday that its revenue increased 6.3% in the second quarter.

The French retailer credited growth in Latin America and Asia for the strong performance.