Business Today gives you a quick recap of what made news recently.

A decline in FDI would hurt the rupee, which had depreciated to a record low of 68.85 against the US dollar on August 28 last year. It has strengthened since then to about 60-level.

\"Following its previous announcement and receipt of approval from the Indian Foreign Investment Promotion Board, Tesco has today entered into an agreement with Trent Ltd, a part of the Tata Group, to form a 50:50 Joint Venture in Trent Hypermarket Ltd (THL),\" the company said in a statement.

Billionaire Mukesh Ambani's Reliance Retail is poised to perform a rare feat in India's complex retail market by finally turning a profit. It took Reliance Retail seven years of losses, bruising trial-and-error and over $1 billion in investments to find a formula that works for India, the world's fifth largest retail market and one of its fastest growing.

\"We are awaiting the approvals... When we get it we will make our plans (to open multi-brand retail stores). We are still waiting for the acceptance (of 50:50 joint venture of Trent-Tesco),\" Trent Ltd Vice-Chairman Noel Tata said on the sidelines of a CII event in New Delhi.

Damani's retail arm, D-Mart, is valued close to Rs 5,000 crore. The recent stake buy in logistics firm Gati will only help the retail business.

In separate letters to the Delhi Chief Minister Arvind Kejriwal and Rajasthan Chief Minister Vasundhara Raje, CII President S Gopalakrishnan said about 10 million jobs are estimated to be created in the retail sector, many of which would be accrued to the respective states.

A report by consultancy Deloitte Touche Tohmatsu says retailers in the Asia-Pacific region, excluding Japan, posted gains, but not at the double-digit level recorded in the prior two years.

Shares of Provogue (India) tanked 3.83 per cent while Trent slide 3.10 per cent and Brandhouse Retails went down by 2.76 per cent. Among others, Shoppers Stop fell by 1.98 per cent and Future Retail lost 1.79 per cent on the Bombay Stock Exchange.

India has opened the door for global retailers, but they still prefer joint ventures. One reason retailers are reluctant is the tough regulatory environment in the country. To begin with, foreign retailers have to pay multiple taxes to set up shop.

Prime Minister Manmohan Singh said India provides a \"hospitable\" environment for foreign direct investments (FDI) and will continue to improve the situation.

Reliance Retail's plan to convert a few of its hypermarket formats into cash-and-carry stores is a wise idea, say retail analysts, especially in a country where mega retail stores haven't had a great run.

Stock of Trent Ltd rose on Tuesday after the Foreign Investmtent Promotion Board (FIPB) cleared UK-based retail firm Tesco's application to invest $110 million to open supermarkets in the country with the Tata Group firm.

The Foreign Investment Promotion Board (FIPB) on Monday cleared UK-based Tesco Plc's proposal to enter the Indian multi-brand retail segment with an initial investment of $110 million.

The BSE Sensex, which had gained 160.87 points in previous two sessions, fell by 50.57 points, or 0.24 per cent to close at 21,143.01, after touching a low of 21,089.21.

The Foreign Investment Promotion Board will on December 30 take up UK-based Tesco Plc's proposal to enter the Indian multi-brand retail segment with an initial investment of $110 million.

Commerce and Industry Minister Anand Sharma said: \"In multi-brand retail trading, the first (application) has come. There will be more and I think another European major will come.\"

It took months of arm-twisting and assurances from New Delhi to persuade British retailer Tesco Plc to take the plunge and become the first foreign player to set up a chain of supermarkets in India.

After Tesco's application to open multi-brand retail stores in India in partnership with Tata's Trent, other significant global players are expected to follow suit, said Commerce and Industry Minister Anand Sharma on Thursday.

While, players such as Walmart and Carrefour have decided to stay away, Tesco is putting in $110 million, the same as Trent Hypermarkets Ltd in the 50-50 partnership to build its presence in two Indian states, Karnataka (Bengaluru) and Maharashtra (Kolhapur).