Wal-Mart Moves Into Africa, Hyundai Recall
ARI SHAPIRO, host:
NPR's business news starts with Wal-Mart moving into Africa.
(Soundbite of music)
SHAPIRO: The world's largest discount chain has offered more than $4 billion to buy the South African retailer Massmart. Massmart owns nearly 300 stores in 14 African countries, and it has a high-volume, low price business model similar to Wal-Mart.
This is Wal-Mart's first big push into Africa. It's a sign that the economic growth in some parts of the continent is starting to draw interest from global firms. And this move also comes at a time when Wal-Mart sales here in the U.S. are down.
STEVE INSKEEP, host:
The Korean carmaker Hyundai is recalling 139,000 of its Sonata sedans in the United States. A manufacturing defect in the steering system could cause some 2011 models to lose control.
The National Highway Traffic Highway Safety Administration has opened an investigation, we're told. Hyundai says there have been no reported crashes or injuries related to the problem.
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