Tuesday, 07 June 2016
In constant comings and goings, Walmart may be contemplating to exit the African market, while Lidl opens in Lithuania, and Groupe Casino enters Morocco. In the wake of the high Chinese demand for Australian products, Sigma Pharmaceuticals launches an e-commerce website in the lucrative market. In Australia, only a good two months after axing its 'Homebrand' range, Woolies dumps another of its own brands. Enjoy the read!
asia & Australia
Send the ball rolling In its aim to become a leader in the sports industry, Chinese electronic retailing giant Suning is buying a controlling 68.55% stake in Italian soccer club Inter Milan +++ Mumbai-based conglomerate Larsen & Toubro Ltd has secured a contract in its key Middle-East market to build the US$ 135 million stadium for Qatar's 2022 FIFA World Cup.
Prospects abroad While German discounter Lidl has opened its first 15 stores in Lithuania last week, Leader Price, discount store chain subsidiary of French mass retailer Groupe Casino, will open its first store in Morocco tomorrow. A total of 50 store openings in the country are planned by 2020 +++ Lidl and Kaufland saw a double digit sales growth in Romania, where their parent, the German Schwarz Group, is the market leader.
Money troubles As it failed to comply with localisation regulations, Turkey's banking watchdog rejected PayPal‘s license and the online payment system ceased operations in the country +++ Berlin financial technology startup Number 26, a mobile-first bank who wants to become the new hub for digital transactions, has announced to close hundreds of customer accounts.