Indian e-commerce leader Flipkart has filled its warchest to the tune of USD 1.4 billion as it readies itself for battle with online heavyweights Amazon and Alibaba. Meanwhile, Woolies, Orcado and Whole Foods are facing investor woes while an embattled Tesco hopes to score a rare win with theirs. Enjoy the read and feel free to share.
Asia & Australia
Woolies faces action
Shareholders are launching class action against the Australian grocer which could exceed AUD 100 million. They’re claiming it breached continuous disclosure requirements – failing to advise that it was behind its profit projections.
Tesco fine approved
The GBP 129 million fine imposed on the retailer following its 2014 accounting scandal has been approved. UK's supermarket leader will be hoping to draw a line under the crisis that rocked the company, and instead focus on its improved financial results in a bid to reassure investors ahead of its merger with Booker.
Ocado slowdown on the cards
The British e-grocer slipped to an eight-month low (subscription only) following predictions it will struggle to fill new warehouse space. The news comes as the online grocery market in the UK faces a plateau in growth.
Top of the charts
France, Japan and Canada have emerged as the leaders of the latest Food Sustainability Index, which ranks countries according to health, environmental and social standards. The study looked at 58 requirements relating to sustainable agriculture, nutritional challenges and food waste.
Auchan Italia bans caged
Italy’s fifth largest retailer has announced that it will stop selling caged eggs in its hypermarkets and supermarkets by 2022. The decision is part of an ongoing move away from caged hen farms, with its private label already solely free range or organic.