CHINA: Tesco plans to launch online shopping in China, the Czech Republic and Poland, according to reports. Incoming chief executive Philip Clarke, who succeeds Sir Terry Leahy in March next year, intends to expand Tesco's online offering, with head of retailing services Andy Higginson spearheading the move.
The retailer will begin trading online in Poland next year followed by Prague and Shanghai. The news comes as speculation heightens over Tesco's interest in snapping up Carrefour's raft of Asian stores in Thailand, Malaysia and Singapore.
US: Walmart is planning to open a series of new small stores in urban markets such as New York and Chicago. The expansion plans, which are to be outlined next month, are expected to include convenience stores similar to those Walmart already runs in Mexico and Latin America.
Packaged food company ConAgra Foods reported lower-than-expected quarterly earnings and cut its full-year forecast on the back of rising commodity costs and aggressive discounting. It reported a 2.4% fall in total sales to £1.8bn ($2.82bn) for the first quarter to 29 August. Revenue for its consumer foods division fell by almost 2% to £1.2bn ($1.82bn).
Procter & Gamble is understood to have rejected a proposal to merge its Pringles business with US snacks maker Diamond Foods. The company was reportedly in discussions over a possible deal, valued at about £0.9bn ($1.5bn) last month before the board halted talks over concern about the deal's structure. Diamond owns popcorn brand Pop Secret and Kettle potato chips after acquiring Kettle Foods for £393m (US$615m) earlier this year.
AUSTRALIA: Private equity firms Kohlberg Kravis Roberts and Texas Pacific Group are the latest names linked to a possible bid for the wine unit of Australian brewer Foster's. A private equity offer estimated at £1.6bn (US$2.5bn) was rejected by Foster's this month for being too low. KKR and TPG teamed up in 2007 for the leveraged buyout of Texas-based electric utility company Energy Future Holdings.
The retailer will begin trading online in Poland next year followed by Prague and Shanghai. The news comes as speculation heightens over Tesco's interest in snapping up Carrefour's raft of Asian stores in Thailand, Malaysia and Singapore.
US: Walmart is planning to open a series of new small stores in urban markets such as New York and Chicago. The expansion plans, which are to be outlined next month, are expected to include convenience stores similar to those Walmart already runs in Mexico and Latin America.
Packaged food company ConAgra Foods reported lower-than-expected quarterly earnings and cut its full-year forecast on the back of rising commodity costs and aggressive discounting. It reported a 2.4% fall in total sales to £1.8bn ($2.82bn) for the first quarter to 29 August. Revenue for its consumer foods division fell by almost 2% to £1.2bn ($1.82bn).
Procter & Gamble is understood to have rejected a proposal to merge its Pringles business with US snacks maker Diamond Foods. The company was reportedly in discussions over a possible deal, valued at about £0.9bn ($1.5bn) last month before the board halted talks over concern about the deal's structure. Diamond owns popcorn brand Pop Secret and Kettle potato chips after acquiring Kettle Foods for £393m (US$615m) earlier this year.
AUSTRALIA: Private equity firms Kohlberg Kravis Roberts and Texas Pacific Group are the latest names linked to a possible bid for the wine unit of Australian brewer Foster's. A private equity offer estimated at £1.6bn (US$2.5bn) was rejected by Foster's this month for being too low. KKR and TPG teamed up in 2007 for the leveraged buyout of Texas-based electric utility company Energy Future Holdings.
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