Hello and good day!
Times are challenging for the world's largest retailer. As expected, Walmart's earnings disappointed investors and Wall Street. Walmart's UK chain Asda has no good news either, revealing its worst results for decades. Read about profits, losses, forecasts, expansion strategies and a lot more in today's issue.
Asia & australia
Dutch lingerie company enters India Indian conglomerate Reliance Brands has signed a long-term franchise agreement with 130-year-old Dutch lingerie maker Hunkemöller International and will be setting up independent standalone stores for Hunkemöller across major Indian cities.
europe & middle east
Asda reveals results The Walmart-owned chain and UK’s second largest grocer has revealed a 3.9% fall in like-for-like sales in the 15 weeks to 19 April. The last time Asda performed so badly was back in the 1990s.
Unilever has a new finance boss Graeme Pitkethly is to succeed Jean-Marc Huët as chief financial officer of Unilever later this year. Pitkethly joined the consumer goods company in 2002 and is currently executive vice president of Unilever UK and Ireland.
E-commerce giants compete Ebay takes on Amazon Prime in Germany. The e-commerce company reportedly plans to launch a programme that will compete with the Amazon Prime expedited shipping service and appears to focus on sellers rather than buyers.
usa & canada
Visa Checkout adds more partners Dunkin’ Donuts, Fandango, Sundance Catalog and Williams-Sonoma will now offer Visa's online checkout service,Visa Checkout. The financial services company is also kicking off several new co-marketing and advertising campaigns.