1. Asda eyeing B&M
Walmart-owned Asda is considering taking over discount retailer B&M, a move that could cost more than £4bn, according to Like Sainsbury’s and Tesco, Asda has been losing market share to German supermarket chains Aldi and Lidl.
2. Nike improvement: analysts
Morgan Stanley Research analysts in a note have said that Nike’s performance will improve based on new products like the Air Vapormax, favourable fashion trends, and the brand’s shortening of its supply chain to bring products to market faster. According to the bank, these factors will lead to 5% growth in the 2018 fiscal year. “Our checks suggest Air Vapormax can become Nike’s next $1bn shoe,” the note says.
3. Tourists splash out
Payments processor Worldpay says foreign spending in the UK could reach £2.4bn over the summer due to the weak pound, which continues to attract overseas visitors. Spending on foreign cards was up 18% year-on-year in June, with tourists buying £643m worth of goods on the high street. Middle Eastern visitors spent 59% more during Eid from June 24 compared with an average week, with luxury boutiques and department stores seeing the biggest surge in sales.
4. New Pepsico president
Food and beverage giant Pepsico named Ramon Laguarta as president, filling a long vacant 2 IC job and adding to speculation that chairman and CEO Indra Nooyi may be searching for a successor. Laguarta is currently in charge of its Europe and sub-saharan Africa business. The president position has been vacant since former president Zein Abdalla left the company in 2014.