The world’s largest retailer, Wal-Mart, says it will invest some 1.8bn reais ($1.1bn; £588m) to expand in Brazil.

The firm said it would open between 80 and 90 stores in 2009 in Latin America’s largest country.

Wal-Mart, which opened its first outlet in Brazil in 1995, has 318 stores there and a local workforce of 70,000.

The announcement followed a meeting between the head of the firm’s America division, Craig Herkert, and Brazilian President Luiz Inacio Lula da Silva.

Brazil’s economy has expanded in recent months thanks in part to more affordable consumer credit and rising incomes.

Even as retailers are feeling the pinch of a slowdown in the US, many are counting on stronger growth in developing markets in places such as China, Russia and Brazil.

News reported by The BBC

Stella Artois brewer Inbev saw UK sales fall 4.1% between April and June, but said it had increased market share after being less badly hit than rivals.

The Belgian firm, which last month had a $52bn (£26bn) takeover bid accepted by Anheuser-Busch, also saw overall earnings in Western European fall 9%.

Inbev said that it was “far from satisfied” with European profits of 195m euros (£155m; $290m).

But higher earnings from North and Latin America cushioned the blow.

The brewer owns beer brands in 20 markets worldwide, including Becks, Staropramen, Brahma, Hoegaarden and Leffe.

‘Rising costs’

“Our overall pricing is healthy, but rising costs continue to put pressure on our margins,” Inbev’s chief executive Carlos Brito said.

And he added that the planned takeover of Budweiser brewer Anheuser-Busch was not distracting the group, which remained “focused on driving our organic business”.

News reported by The BBC