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Business

Metro Plans Investment in China

German retail giant Metro seeks to open 40 new stores in China within the next five years. The company hopes the investment of €600 million ($695.7 million) will strengthen its stand in Asia. Metro opened its first store in China in 1996. It now employs 5,000 people in 18 locations in the Shanghai region. Metro’s competitors, U.S.-based Wal-Mart and French-based Carrefour have already opened 26 and 39 stores in China respectively. Metro also plans to expand in India, Russia and Ukraine. Almost half the company’s revenue is generated overseas, making it less vulnerable to declining sales figures in Germany.