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New Delhi, India -- A Tuesday report by Bloomberg said that the Indian government has ratified a Nov. 24 cabinet decision to raise the ownership limit to 100% from 51%, which will allow foreign single-brand retailers to open stores in the world’s second-most populous nation without local partners. The caveat is that the companies will need to buy 30% of the value of products sold from domestic small and cottage industries. According to Bloomberg, the decision is the first major change to Indian foreign ownership rules in more than five years after Prime Minister Manmohan Singh last month reversed

Urban Outfitters declined in early trading after saying Glen Senk resigned as chief executive officer and will be succeeded by co-founder Richard Hayne as the retailer works to turn around a yearlong decline in profit. Senk, 55, resigned Jan. 9 and plans to pursue another opportunity, Urban Outfitters said in a statement.

Storied French luxury brand Hermes isn't known for being cheap, and soon it's about to become even more expensive. The company stated back in November that it was planning to raise prices in several markets, including this one, due to "significant raw-material cost increases, particularly for silk, cashmere and crocodile skin."

J.C. Penney announced that Thomas J. Engibous will become chairman of its board of directors, effective Jan. 28. Engibous was named to the board in 1999 and has served in presiding director and lead independent director roles since 2008. He will assume the chairman's role from Myron E. Ullman, III, J.C. Penney’s former CEO, who will step down as executive chairman. Engibous is the retired chairman of Texas Instruments Inc.

An Arizona man is suing eBay over the auction giant's automatic bidding system, claiming that the policy runs counter to the company's user agreement and that it unfairly undercuts the final price paid by the winning bidder.

The U.S. online retail sector delivered 7.5 percent growth in December 2011 compared to the same period last year, according to cloud-based analytics findings by IBM. IBM's findings follow a strong November where both Black Friday and Cyber Monday delivered double-digit growth over 2010.

New York City -- Managed care company Health Net Inc. announced it will sell its Medicare Part D stand-alone prescription drug business to CVS Caremark for $160 million. The business has about 400,000 members in 49 states and Washington, D.C., with annual revenue of approximately $490 million. The deal is scheduled to close during the second quarter, pending approval from antitrust regulators.

BOSTON — Staples is working with Mass Mentoring Partnership, an organization that provides youth mentoring opportunities, to recruit adult mentors for approximately 3,000 youth in its home state of Massachusetts. In addition, the retailer is donating $25,000 to the cause. “By creating meaningful mentor-mentee relationships, mentoring programs serve as important vehicles for promoting youth development in Massachusetts,” said Marty Martinez, chief program officer for Mass Mentoring Partnership. “Support from Staples provides us with the opportunity to create greater awareness around the importance of mentoring, encourage adults to become mentors in their local communities and help businesses see how they

Momentum remains on the side of Family Dollar, as the company reported another quarter of record sales and profits and the opening of 101 units, which included its first stores in California. Family Dollar said earnings per share increased 17.2 percent, a penny better than analysts' forecast, compared with 58 cents the prior-year first quarter.