Dubbed 'The Outperformer' by one set of City analysts, Sainsbury's announced annual profits that beat forecasts last week and the UK retailer remains confident in the face of increased competition. The UK grocery industry was in the spotlight last week, with the country's Government formally announcing its introduce a watchdog to monitor the sector. Elsewhere, CSM, a supplier of bakery products to retailers in North America and Europe, said it would exit the sector and focus on bioplastics.

In the spotlight - Sainsbury's success points to position of strength
Sainsbury's full-year profits came in ahead of City forecasts this week. Dean Best takes a look at how the UK retailer believes it can withstand fresh competition and how its success in the downturn means it is now in a position of strength.

Deal or no deal: CSM prepares for bakery bids
Dutch food and ingredients group CSM announced plans to sell off its bakery business earlier this week.

UK: Retailers slam grocery adjudicator plans
The UK retail industry has hit out at government plans to introduce an independent adjudicator to ensure supermarkets deal "fairly" and "lawfully" with suppliers.

AUS: Murray Goulburn to cut jobs on milk price drop
Australian dairy processor Murray Goulburn has pointed to a fall in global milk prices for its decision to cut over 300 jobs.

UPDATE: UK: Lees buyout faces staunch resistance
Shareholders in Lees Foods have hit out at the management buyout for the UK firm, insisting the company's directors "have a battle on their hands" if they are to push through the bid.

UPDATE: SWEDEN: HKScan looks to tackle domestic woes - CEO
HKScan is considering a range of options to boost the profitability of its struggling Swedish meat business, CEO Hannu Kottonen told just-food this afternoon (8 May).

US/INDIA: General Mills acquires Parampara brands in India
US food manufacturer General Mills has acquired Indian ready-to-cook spice and sauce mix manufacturer Parampara Foods' brands and marketing rights.

NZ: Fonterra sets up units for emerging markets
New Zealand dairy giant Fonterra has formed divisions for its businesses in emerging markets.

On the money: Tyson maintains emphasis on value-added
US meat group Tyson Foods has revealed it will remain focused on adding value to its products in order to improve margins across its chicken, pork and beef businesses.

UK: Dairy Crest makes cuts to field sales team
The UK's largest dairy processor Dairy Crest has cut a quarter of its field sales team as a result of reducing its milk supply to the middle-ground market.