China's Haier Electronics Group announced that it will invest initial capital of USD15 million to set up a joint venture with Home Retail Group to develop department store retail business on the Chinese mainland under the brand of Argos.

Wal-Mart has announced that its Chinese president and chief executive officer, Chen Yaochang, has resigned.

British retail giant Tesco has signed a letter of intent with the Department of Commercial Services Administration of the Ministry of Commerce of China to jointly promote the sustainable development of the Chinese retail industry.

The UK-headquartered retailer Tesco has held its first forum for climate change and the sustainable development of the retail industry in Shanghai, announcing that it plans to reduce the carbon emission of its Chinese business by 10% in the 2010 fiscal year.

According to reports in the Financial Times, Wal-Mart, the world's largest retailer, plans to launch e-commerce businesses in China and Japan, and it is currently establishing the technology platform.

News from Procter & Gamble is that Daniela Riccardi, its president for Greater China, will leave the company and will be replaced by Shannan Stevenson, the current vice president for P&G's Western Europe Laundry division.