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“We are not changing anything,” says 3M-boss Inge Thulin, describing Mexico as an important local market, without mentioning President Trump's criticism of doing business in the Latin American country. The maker of Post-it notes has also reported better-than-expected quarterly profits. Read this story and a lot more in your Wednesday bulletin. Enjoy!
Alibaba continues to surprise The Chinese online giant reported another stellar quarter with earnings that smashed analysts' estimates. Revenue jumped a whopping 54% to US$ 7.67 billion. During the release, it was also revealed that Koubei, Alibaba's local commercial platform, just closed a US$ 1 billion funding round.
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Future Group reshuffles India's largest retailer has reassigned the roles of its top executives to push growth as part of a wider strategy to more than treble its revenues by 2021. Harvard-graduate Devendra Chawla has been made head of Future Consumer, and PV Seshadri will lead the logistics business.
Sligro acquires in Belgium The Netherland-based food group has announced that it is about to reach an agreement for the purchase of leading Belgian wholesaler Exquisite Food and its subsidiaries, together known as ISPC, which also operates a cash-and-carry delivery service.
Amazon settles with EU In an effort to end an antitrust probe by the European Commission and avoid a fine for anti-competitive behaviour, the US online retailer has offered to change parts of its e-book contracts with publishers, so they will not be forced to give Amazon similar terms as its competitors.
usa & canada
3M commits to Mexico The Minnesota-based maker of consumer and industrial products, which gets more than 60% of its revenue from outside the US, reported sales of US$ 30.1 billion in 2016. The company affirmed that it has no plans to change its production strategy in Mexico, where its business saw a double-digit growth.
Optimising for the customer Thanks to an integrated workforce management (WFM) solution, US office supplies chain Office Depot gains insight into customer demand as well as store-level issues. The chain piloted the programme last year and completed its roll-out earlier this month.
Target Pay on the way The US discount retailer enters the mobile payments arena. Following similar moves by such competitors as Walmart and Kohl’s, the company plans to introduce mobile payment features to one or more of its own apps.
Asos partners with Klarna In order to make online payments more flexible for shoppers, the UK online retailer has teamed up with leading payments provider Klarna to roll out the 'pay after'- technology in Scandinavia. This allows retailers to bridge the gap between the online and offline shopping experience.