Labor & Employment

New York - President Obama met with Wal-Mart Stores CEO Mike Duke in the Oval Office Monday afternoon. Sources said Obama and Duke were to discuss ways to spur job growth and encourage companies to invest in the United States.

Arriving at the White House, Duke declined to answer questions about the substance of the meeting.

“We’re just going to have a nice visit,” he said, according to Bloomberg.

New York - Wal-Mart Stores sees more opportunity in emerging markets than in Europe, the company’s International Chief Executive Officer, Doug McMcMillion, told Bloomberg.

“China is top of the list, and Brazil is not far behind” to make deals, McMillon said in an interview on Bloomberg Television’s “InBusiness With Margaret Brennan.” The retailer is being “patient” about finding the right way to expand in Russia, McMillon said.

Bentonville, Ark. - Wal-Mart Stores announced Monday that it is buying a controlling stake in South Africa's Massmart in an approximately $2 billion deal. The investment gives the discounter a substantial presence in South Africa and paves the way for further expansion across the continent.  Wal-Mart International president and CEO Doug McMillon made clear his company is pursuing a regional strategy.

Cincinnati -- The Kroger Co. announced that senior VP Robert "Pete" Williams plans to retire in May after 37 years with the company.

Williams, who began his Kroger career in 1977 as a management trainee, has served in his current role since 2007. Currently, he leads seven supermarket divisions. His replacement will be named.

New York City -- J. Crew Group is close to an agreement to be bought by TPG Capital and Leonard Green & Partners for about $2.8 billion, according to reports by the Associated Press, Bloomberg and other news groups.

TPG and Leonard Green would pay $43.50 a share in cash, or 16% more than J. Crew’s closing share price yesterday, according to various reports.