There would have been weary sighs in retail boardrooms this week after India’s government suspended plans to open up its retail sector to more overseas investment. It was, Tesco CFO Laurie McIlwee claimed, a “missed opportunity” for India. McIlwee, meanwhile, also faced questions about Tesco’s UK operations, which reported another quarter of falling sales. Elsewhere, Wal-Mart, another retailer that could benefit from reform in India, raised eyebrows when it admitted it had opened an investigation into bribery allegations within its international operations.
INDIA: New Delhi confirms suspension of retail reform
India’s ruling Congress Party has today (7 December) confirmed that plans to allow more foreign investment in the country’s retail sector have been suspended.
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US: Wal-Mart launches corruption probe
Wal-Mart Stores has started a probe into bribery allegations in its operations outside the US after an internal investigation.
UK: Kraft shake-up to hit Cadbury jobs
Kraft Foods has announced a shake-up of its manufacturing network in the UK that will lead to the loss of around 200 jobs at UK confectioner Cadbury.
UK: Premier offloads Brookes Avana to 2 Sisters
Premier Foods plc is to sell its under-performing Brookes Avana subsidiary to 2 Sisters Food Group for GBP30m (US$46.8m).
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Tesco’s update has international flavour
The UK retail giant discusses the impact of its Big Price Drop promotional campaign in the UK, the impact of the Thai floods on its business and why India needs to allow more foreign investment into its retail sector.
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